The American developer of network equipment and software Cisco Systems in January “physically destroyed” its inventories in Russia in the amount of 1.86 billion rubles ($24 million) due to the cessation of sales of products in Russia. This was reported by TASS with reference to the financial statements of the Russian legal entity Cisco.
“Inventories were physically destroyed in January 2023, in connection with which, as of December 31, 2022, a depreciation reserve was accrued in the full amount of the cost of inventories – $ 24 million (1.864 billion rubles),” the statement says. documents.
It is clarified that operational spare parts that were purchased under an agreement with the Dutch structure – Cisco Systems International BV, as well as IT equipment, were subject to destruction. In addition, the property of the Russian division of Cisco was destroyed for 1 million rubles, including vehicles, office furniture, appliances and demonstration equipment.
Cisco Systems announced the suspension of all sales in Russia in March 2022, following a full-scale Russian invasion of Ukraine. In June, it became known about the company’s intention to completely withdraw from the Russian and Belarusian markets.