Lenovo, Xiaomi, Other Chinese Tech Giants Pull Back From Russia - Xiaomi (OTC:XIACY), Lenovo Gr (OTC:LNVGY)

Chinese tech companies, including PC giant Lenovo Group Ltd LNVGY and smartphone maker Xiaomi Corp XIACY, quietly pulled back from Russia under pressure from U.S. sanctions and suppliers, the Wall Street Journal reports.
Consumer drone giant SZ DJI Technology Co suspended its business in Russia and Ukraine pending a compliance review.
The companies pulled back amid Beijing opposing the sanctions.
Also Read: US Warns China Against Helping Russia In Ukraine War
The U.S. threatened to punish Chinese companies that flouted its sanctions.
Major U.S. chip companies that supply Chinese firms pressed customers to ensure their semiconductors were not in third-party goods shipped to Russia.
China’s tech product exports to Russia fell sharply in March from February, with shipments of laptops declining more than 40%, smartphones down by nearly two-thirds, and exports of telecom base stations down 98%.
China’s overall exports to Russia fell 27% in value from February to March, as per WSJ.
China’s covid-related lockdown in Shanghai also disrupted its global trade.
As U.S. sanctions hit Chinese companies, the actions threaten to widen the rift between countries on the Ukraine crisis and further galvanize China’s ambitions to develop supply chains independent of U.S. technology.