The American manufacturer of network equipment Cisco is finally leaving the Russian market.
According to CNews sources, Cisco is going to announce the departure of its employees on June 30.
Cisco employees have been on paid leave for three months since March 2022 after the announcement of the suspension of activities in Russia, a source in the domestic VKS market told CNews. Then the staff extended their vacation for another month until the end of June.
The company will declare itself bankrupt and pay employees “parachutes” (severance payments), says the source of the publication in a large IT integrator.
According to other information, the company will finally complete all operations to leave Russia on July 4.
In addition to paying monetary compensation, Cisco will have to solve the problem of exporting a large batch of equipment that was imported to Russia before the “military special operation” for subsequent sale.
Now Cisco is looking for a way to bring it back, because if the company declares bankruptcy — and this is the most likely outcome of events — it will have to sell equipment on the Russian market at an extremely unfavorable rate for them, a source in a large IT company told the publication.