In early March, the New York-headquartered multinational technology corporation announced the suspension of its business in Russia after President Vladimir Putin ordered the invasion of Ukraine, prompting the West to impose crippling sanctions on Moscow. 

 The company on Tuesday issued an update on its business operations in Russia, saying it has made the decision to carry out an orderly wind-down of IBM's business in Russia. 

 In the statement, IBM's Chairman, President and CEO Krishna said: On March 7th, I shared with you our decision to suspend IBM's business operations in Russia due to the war in Ukraine. 

"Our focus for months has been on looking after the safety and security of IBMers and their families in impacted regions. We chose to suspend operations so that we could evaluate longer-term options while continuing to pay and provide for our employees in Russia. As the consequences of the war continue to mount and uncertainty about its long-term ramifications grows, the company has now made the decision to carry out an orderly wind-down of IBM's business in Russia. We see this move as both right and necessary, and a natural next step following our business suspension," Krishna said.

 This process will commence on Tuesday and result in the separation of the local workforce, he said. 

"Our colleagues in Russia have, through no fault of their own, endured months of stress and uncertainty. We recognise that this news is difficult, and I want to assure them that IBM will continue to stand by them and take all reasonable steps to provide support and make their transition as orderly as possible," he said.

Image: Girls view the remains of their Lyceum Number 25 School in Zhytomyr, Ukraine. Pic: Christopher Furlong/Getty Images)