The company recently reflected on the situation in Ukraine, telling shareholders it did not think the crisis will have a direct effect on the company because Kito does not have an office in Russia and only a few sales agents.
It said at the time, it was keeping a close eye on the situation ‘because it will likely bring a steep rise in prices on materials and energy as well as confusion in the distribution system, affecting all of Europe’.
The company has now announced: “From a fair and broad-minded standpoint considering all stakeholders, we have decided to suspend all shipments to and financial transactions with Russian concerns for the time being. While hoping for a return to peace and safety, we will continue to monitor global developments and look forward to resuming our business relations there in the future.”
