Following the announcement on 27 April 2022, Schneider Electric has signed on July 3rd, 2022 a binding agreement regarding the sale of Schneider Electric Russia to the local leadership team. Closing of the transaction will be subject to regulatory approvals and satisfaction of other closing conditions.
Since 24 February 2022 Schneider Electric has put on hold new investments in Russia and Belarus as well as international shipments of new orders destined for Russia and Belarus.
For full year 2021, Schneider Electric generated approximately 2% of its total sales in Russia. As a result of this transaction as well as of the wind-down of the rest of its presence in Russia and other direct impacts of the sanctions on Russia business, the group expects (1) to write-off up to €300 million of net book value, and (2) to make a non-cash reversal of the currency translation reserve associated with these activities currently estimated at €17 million, and to be adapted at the close of the transaction.
Schneider Electric is planning an orderly transfer and allocates resources to support the employees in Russia and Belarus through the process.
