Cisco Systems pulled out of russia and destroyed $23.42m worth of equipment

Cisco Systems has left the Russian market, destroying tens of millions of dollars worth of equipment and components in the process. This is due to the fact that the developer of network equipment has no plans to resume operations in the country.

Here's What We Know

Cisco Systems announced it would cease sales in the Russian market in March 2022. Three months later, the company refused to renew its licenses. In addition, at the same time, the American manufacturer announced its withdrawal from Russia and Belarus.

As it became known, Cisco Systems decided to physically destroy spare parts, product demonstrations, equipment and even furniture. The value of the destroyed stock is estimated at ₽1.864 billion ($23.42 million). The company has also disposed of fixed assets worth ₽1 million ($12,600).

By the end of 2022, Cisco Systems had reduced its workforce by a factor of 12 to five employees. The company terminated contracts with the rest in mid-2022, paying them a total of ₽190.6 million ($2.4 million).

Source: TASS