EPAM pulls out of Russia and provides $100 million to Ukrainian teams

EPAM has released a new official announcement. According to the press release, we have the following information:

• EPAM is allocating $100 million to support Ukrainian teams and their families. We are talking about only humanitarian aid.
• The company will cease operations in Russia and stop selling its services there.
• The firm will be more active in hiring and developing in other regions, particularly Central and Eastern Europe.

But the main message, of course, is linked to the office’s closure. Mykhailo Fedorov, Minister of Digital Transformation of Ukraine, wrote about this. The official appeal of EPAM does not mention this, only the sentence “The company is also actively evaluating its other operations in the region.”

According to AIN.Capital sources, EPAM is not talking publicly about closing the office now, as it is a long process that cannot take place in one day. Moreover, we are talking about a company that has several thousand employees in Russia and is listed on the stock exchange. At the same time, the process of closing the Russian office will begin soon. There is no talk about closing the office in Belarus yet.

The Ukrainian EPAM office and EPAM vice-president Yuriy Antoniuk condemned Russia’s aggression against Ukraine, while CEO Arkadiy Dobkin avoided mentioning the participation of Belarus and Russia in the war.

This caused outrage among employees. Since the beginning of the war, the company’s shares have been decreased almost twice.