By Dhirendra Tripathi
Investing.com – Microsoft stock (NASDAQ:MSFT) traded 2% lower Friday after the company said it will suspend all new sales of Microsoft products and services in Russia.
“In addition, we are coordinating closely and working in lockstep with the governments of the United States, the European Union, and the United Kingdom, and we are stopping many aspects of our business in Russia in compliance with governmental sanctions decisions,” Microsoft President & Vice Chair Brad Smith wrote in a blog post on the company’s website.
Smith said the company is working proactively to help cybersecurity officials in Ukraine defend against Russian attacks.
Microsoft joins a growing list of companies either quitting Russia or curbing their operations in the Communist country. According to reports, Apple (NASDAQ:AAPL) Thursday decided to halt all product sales in Russia. Apple Pay, Apple Maps, and other services have also been limited. Nike (NYSE:NKE) is also not taking online orders for deliveries in Russia.
Flight operations between Russia and most European countries have been stopped or severely curtailed.
Earlier this week, energy major BP (NYSE:BP) said it will sell its 20% stake in Rosneft. Norway’s Equinor (NYSE:EQNR) has said it will exit its joint ventures in Russia and not make any new investments.