Bearing manufacturer SKF ends its operations in Russia

Swedish bearing manufacturer SKF ceases operations in Russia.

This is reported by the railway magazine Railway Supply, citing a statement from the company.

SKF management announced that the company will stop all transactions, as well as investments in the Russian Federation.

According to the president and CEO of the manufacturer Rikard Gustafson, the reason for this decision was the military invasion of the Russian Federation into the territory of Ukraine.

“Throughout this horrendous situation, we have respected all sanctions and export controls. We have come to the conclusion that it is not possible for us to continue operating in Russia as there is no basis and stability for our business,” he said.

SKF is one of the largest bearing manufacturers in the world. The company operates in 130 countries and has been represented in Russia since 1991. In 2010, it opened a production facility in Tver, which produces bearings for railway transport.

As previously reported, in March, SKF suspended deliveries to the Russian Federation.

This company is one of three foreign manufacturers of bearings for innovative freight cars in Russia. All of them left the Russian market. The production of innovative railcars is impossible without these components.

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