IBM begins layoffs for its entire Russian workforce

Details: IBM employees who were kept on the payroll until now will be laid off as the company begins its "orderly wind-down" of business in Russia, the company said Tuesday.

• “Our colleagues in Russia have, through no fault of their own, endured months of stress and uncertainty," IBM CEO Arvind Krishna said in a memo released Tuesday.
• "We recognize that this news is difficult, and I want to assure them that IBM will continue to stand by them and take all reasonable steps to provide support and make their transition as orderly as possible."
• IBM's Russian website is no longer available.

Context: Recent U.S. sanctions against Russian banks have made it harder for IBM to pay its employees, Reuters reports.

• IBM told investors that ending business in Russia won't have a major impact on the company's bottom line, Engadget reports.
• IBM has a number of major customers in Russia, including federal banks and energy companies, Yahoo! Finance reports. The company also hosted its Think Summit in Moscow back in 2019.