Cisco liquidating one of its Russian cos

MOSCOW. June 21 (Interfax) - U.S. network equipment manufacturer Cisco is liquidating one of its Russian legal entities, Cisco Systems LLC, information on the Fedresurs website indicated.

This decision was made at the Russian company's general shareholder meeting on June 19. Creditors have two months to file claims from the moment the liquidation notice is published, the announcement said.

Cisco System LLC, which was registered in September 2006, saw its net loss surge by 17.6 times to 1.8 billion rubles in 2022 on revenue down 76% to 441.2 million rubles.

Cisco announced in March 2022 that it was ceasing operation in Russia and Belarus due to the military operation in Ukraine. In January, the U.S. company destroyed all inventory, IT equipment and other assets in Russia worth 1.86 billion rubles due to the end of sales in the country, the suspension of licenses and inability to re-export, Cisco System LLC said in a report.