In response to Russia’s invasion of Ukraine, the US, UK and European Union, among several other countries, have imposed new severe sanctions and export controls against Russia, and individuals and entities associated with the Russian government. These sanctions impose significant restrictions on our ability to sell our products in Russia as well as support our existing and new customers.
To ensure compliance with these sanctions, we have decided that, effective immediately, we will cease to conduct business with new or existing customers in Russia, Belarus, Crimea, the Donetsk People’s Republic and the Luhansk People’s Republic regions of Ukraine, which are the areas covered by the sanctions. We have also notified partners to let them know that they will be unable to sell Progress products in these countries and regions.
The amount of annual revenue we generate in Russia and the other areas covered by the sanctions is not material as a percentage of our total revenue, so we are not expecting the sanctions to significantly impact our financial results. That said, we are deeply concerned for our friends and family in Ukraine and the region in general and are hopeful that the conflict will come to a quick resolution, ensuring the long-term safety of the Ukrainian people.
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