ELKO Group is considering pulling out of the Russian market amid the country’s war with Ukraine.
The outfit had already stopped deliveries of IT equipment and household appliances to the Russian market since the start of Russia’s invasion.
The group said in an effort to comply with all sanctions against Russia – including partner, product and transaction-related restrictions – the supply chain and the movement of goods by ELKO to Russia has been suspended.
ELKO Group acquired Russian $300m-revenue devices and appliances distributor Absolut Trading back in March 2019.
ELKO said these discussions are currently ongoing and “any actions taken would be in accordance with the law and would fulfil all obligations to bondholders, financial and other partners”.
“This process is legally complicated, and ELKO Group’s ability to comment on these activities in detail is limited due to the laws and regulations governing the stock market”, the firm said in a statement.
