ABB to exit Russian market

ABB has decided to exit the Russian market due to the ongoing war in Ukraine and impact of related international sanctions. The financial impact in the second quarter amounted to -$57 million of which -$23 million will impact cash flow in the third quarter. When the war broke out, ABB stopped taking new orders in Russia. Russia roughly accounted for 1-2 percent of ABB Group annual revenues before ABB stopped taking new orders. ABB (ABBN: SIX Swiss Ex) is a leading global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future.