Progress does not have any employees, corporate offices, or assets in the immediate area of the Russian/Ukraine conflict. Progress continuously reviews its business continuity readiness, and, at this time, we do not detect that the conflict has had any change in, or negative impact to, our ability to conduct our global operations. However, in response to the conflict and increased threats, we have enhanced our cybersecurity monitoring, testing and threat intel reviews, using recommendations from major organizations including CISA and OSINT communities.
To ensure compliance with newly imposed US sanctions against Russia, Progress previously decided that, effective immediately, it 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. 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. Because of the uncertainty in the effects of the crisis on the macroeconomic environment and our customers and partners, we cannot predict the full impact of the crisis on our business at this time but we will provide updates as developments occur.
We remain 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.