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. Last Updated: 07/27/2016

ABB Will Slash Operations in Russia

STOCKHOLM, Sweden -- Swiss-Swedish engineering group ABB will reduce its operations in Russia as a result of the economic and financial crisis in the country, ABB chief executive G?ran Lindahl was quoted as saying by the financial daily Dagens Industri on Wednesday.

"We are going to adjust to the situation and cut back on the operations until the crisis in Russia is over," Lindahl said, without disclosing details.

But the chief executive said he sees opportunities in Russia in the long term.

"It is attractive to use Russian engineers that have a good education and cost very little, especially after the devaluation of the ruble," he said.

A day earlier, ABB announced a long-term large-scale cooperation deal with Russia's huge Gazprom monopoly. Under the $100 million deal, ABB will supply gas turbines to Gazprom's first two natural-gas stations.