Microsoft's Russian subsidiary will apply for bankruptcy

ChainCatcher news, according to Jinshi reports, based on a document released on Friday by the official registration center of the Russian Federation, Microsoft (MSFT.O) plans to file for bankruptcy for its subsidiary in Russia.

Russian President Putin stated this week that foreign service providers like Microsoft and Zoom should be "restricted" in their operations in Russia to make way for domestic software solutions.

After the Russia-Ukraine conflict, Microsoft continued to provide critical services in Russia, but in June 2022, the company announced that it would significantly reduce its operations in Russia due to changes in the economic outlook and the impact on its business in the country. A document released by the federal registration center on Friday stated that Microsoft Russia LLC intends to declare bankruptcy.