ABB gets Moscow's approval to sell Russian business, Interfax says
ReutersMay 12, 2025 2:53 PM
May 12 (Reuters) - Swiss electrical engineering giant ABB ABBN.S has received authorization to sell its Russian business, Interfax agency said on Monday, citing an executive order by Russian President Vladimir Putin.
"We are aware of (Putin's) decree and are currently evaluating it," an ABB spokesperson said when contacted for comment by Reuters.
ABB remained in the process of exiting the Russian market following an announcement made in July 2022, the company spokesperson added.
JSC Concept-Invest has been granted permission to acquire 100% of the shares in ABB LLC, Interfax said.
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