Samsung expects to return to Russian market this year -Izvestia newspaper

samsung-expects-to-return-to-russian-market-this-year-izvestia-newspaper

Stock Markets 3 hours ago (Sep 14, 2022 07:04PM ET)

Samsung expects to return to Russian market this year -Izvestia newspaper © Reuters. Samsung signage is seen in a store in Manhattan, New York City, U.S., November 22, 2021. REUTERS/Andrew Kelly

(Reuters) – Samsung Electronics (OTC:) Co Ltd expects to return to the Russian market this year, six months after suspending shipments in the wake of the invasion of Ukraine, Russia’s Izvestia newspaper said on Wednesday.

Izvestia cited a source close to the company as saying sales could start in October. The source said Samsung (KS:) would resume supplies of equipment to retailers and restart its official online store.

Samsung froze shipments in early March citing “current geopolitical developments.” The firm was the leading supplier of handsets to Russia as of the fourth quarter of 2021, accounting for 30% of the market.

Izvestia said a Samsung spokesperson had declined to comment on the firm’s possible return to the Russia market.

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