×
Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Toshiba Electronics Quits Russia Over Falling Ruble, Competition

Yuriko Nakao / Reuters

Japanese electronics company Toshiba has pulled out of the Russian consumer market over the weakening ruble and tough competition, the Kommersant newspaper reported Monday.

The company is shutting down Toshiba CIS, the Russian division that sells televisions and kitchen appliances, maintaining only its b2b-unit Toshiba Rus.

“We have fully quit the Russian consumer market. We sold all goods last December when sales were high,” Hiroaki Tezuka, head of Toshiba Rus, was quoted by Kommersant as saying.

Toshiba's decision to withdraw from Russia was triggered by an unstable economic situation within the country and high competition from Korean companies.

Korean companies account for 70 percent of the Russian television market, Tezuka told the newspaper, adding that Toshiba had a 10 percent share in the television market in Russia from 2012 to 2013.

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysiss and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more