In response to the ongoing conflict in Ukraine, LG has just announced that it will suspend shipments of all of its products to Russia with immediate effect.
The following is the full text of the astonishingly brief statement (which came directly from LG Electronics’ Seoul headquarters):
“LG Electronics is suspending all shipments to Russia and will continue to keep a close watch on the situation as it unfolds.
We are deeply concerned for the health and safety of all people, and LG remains committed to supporting humanitarian relief efforts.”
Of course, LG Electronics is far from the first electronics company to suspend operations in Russia while the conflict in Ukraine rages on. Apple was one of the first tech companies to leave, with Qualcomm, Intel, Microsoft, Nokia, and Ericsson following suit in early March.
Sony PlayStation also brought to a halt supplies to Russia on March 10, while LG’s main South Korean rival Samsung announced on March 7th that it would suspend product shipments to Russia. LG’s decision to join the ranks of tech companies that have cut Russia off from its distribution channels is still significant.
After all, LG is one of the world’s largest AV brands, with significant global market shares in everything from televisions, monitors, and soundbars to smartphones and, increasingly, a wide range of white goods.
With no conclusive end to the conflict in sight at the time of this post, as the number of high-profile electronics brands taking a stand against Russia grows, so will the pressure on other brands that have yet to make the move.
LG Corporation, formerly Lucky-Goldstar from 1983 to 1995, is a South Korean multinational conglomerate established by Koo In-hwoi and managed by his family’s successive generations. It is South Korea’s fourth-largest chaebol. Its headquarters are located in Yeouido-dong, Yeongdeungpo District, Seoul, in the LG Twin Towers building. LG manufactures electronics, chemicals, and telecommunications products and has subsidiaries in over 80 countries, including LG Electronics, Zenith, LG Display, LG Uplus, LG Innotek, LG Chem, and LG Energy Solution.