Cisco destroyed the equipment for 1.86 billion rubles because of the termination of sales in Russia

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. due to the termination of sales of products in Russia. About it informed TASS with reference to the financial statements of the Russian legal entity Cisco.

“[Материально-производственные] the reserves 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 the reserves – 1.864 billion rubles, ”the documents say.

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.

According to the text of the reporting, the decision to scrap was made in August 2022 due to the cessation of sales in Russia, as well as the impossibility of re-export. Employment contracts were also terminated in July-August 2022, employees received payments in the amount of 190.6 million rubles.

Cisco Systems announced the suspension of all sales in Russia in March 2022 after the start of a special operation in Ukraine, and in June became known about the company’s intention to completely withdraw from the Russian and Belarusian markets. At the same time, the company promised that they would financially support employees until the final departure from both countries.