Russia-Ukraine: Worldwide tech industry hits Russia by halting exports

Russia-Ukraine: Worldwide tech industry hits Russia by halting exports.

As hostilities continue in Ukraine and Russian soldiers move on Kyiv, President Volodymyr Zelenskyy has appealed to the international community for support.

Canada, the European Union, Japan, New Zealand, Taiwan, the United Kingdom, and the United States have announced sanctions against Russia that also targeted export of tech goods and services.

Technology sector is the third largest export sector in Ukraine and the country aspires to become a tech hub in the heart of Europe.

However, Russia’s invasion is jeopardising Ukraine’s growth, and the country requires assistance from outside the country, according to the Director of TechUkraine, a technology platform founded by Ukraine’s Ministry of Economic Development and Trade.

I am deeply concerned with the situation in Ukraine. We’re doing all we can for our teams there and will be supporting local humanitarian efforts. I am thinking of the people who are right now in harm’s way and joining all those calling for peace.

— Tim Cook (@tim_cook) February 25, 2022

AMD and Intel are said to have already stopped exporting processors to Russia after Russia-Ukraine conflict, with Intel stating to sources that “Intel complies with all applicable export regulations and sanctions in the countries in which it operates, including the new sanctions issued by OFAC [Office of Foreign Assets Control] and the regulations issued by BIS [Bureau of Industry and Security].”

Taiwan’s Economy Ministry said on February 27 that it will join the list of countries imposing sanctions on Russia. Taiwan is home to major chip producer TSMC. “Domestic semiconductor producers have also stated that they will follow the legislation and closely collaborate with government measures”.

The US and its allies have taken steps to prevent some Russian banks from using the SWIFT international payment system.

In a statement made on Saturday, the White House stated, “We pledge to ensuring that selected Russian banks are withdrawn from the SWIFT messaging system.”

As a result of Putin’s ongoing assault on Ukraine, @POTUS and the leaders of the European Commission, France, Germany, Italy, the UK, and Canada decided to take specific measures to further isolate Russia from the international financial system.
https://t.co/eZnPteQWD1

— The White House (@WhiteHouse) February 26, 2022

Moreover on Friday, the EU resolved to freeze Russian President Vladimir Putin’s and his foreign minister Sergey Lavrov’s European assets.

Different game studios CD Projekt, Bungie, Amanita Design, Digital Extremes, Hinterland Games, and 11 Bit Studios have all expressed their support for Ukraine by donating to humanitarian help organisations such as the Ukrainian Red Cross.