Italy's Pirelli said on Thursday it had halted investments in Russia, excluding those linked to security, and that the activity of its factories in the country would be curtailed.
"The investments in the local market, excluding those linked to security, have been halted," the tyremaker said in a statement with its annual financial results.
It added that "activities of the factories in Russia will be progressively limited to those needed to guarantee the financing of salaries and social services for employees."
Pirelli manufactures around 10% of its global tyres output in two plants in Russia. The Russian market itself however accounts for only 3% of the group's total revenues and for 4% of its adjusted operating profit, Reuters reported.
