ERICSSON

ERIC B
Real-time Estimate Cboe Europe - 11:30 2022-12-05 am EST
67.56 SEK -1.10%

Ericsson says it is not selling to Russian military

09/26/2022 | 01:31am

ERICSSON pushed back against reports that it continued to export equipment to Russia after the nation invaded Ukraine.

In a statement released over the weekend, the Swedish telecom equipment maker said the initial coverage from media outlet Swedish Radio was "factually incorrect" and disputed claims that it was granted exemptions to sell products to Russia for potential military use.

Ericsson said it is only providing software and technical support to Russian clients, and was not selling equipment to mobile operators. "These items are only for civilian public telecommunication network and not for military use," the company said, adding that it had also laid off 400 employees since sanctions were imposed on Russia.

Ericsson was met with further controversy earlier this year after it emerged that it was being investigated by US agencies for supposed payments to the Islamic State militant group in Iraq.

The firm's market value has tanked more than a third since the scandal first broke.

(c) 2022 City A.M., source Newspaper

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