Sony withdraws from music business in Russia amid Ukraine invasion

Sony Group Corp. has withdrawn from its music business in Russia, sources familiar with the matter said Monday, as the humanitarian impact of the country's invasion of Ukraine made continuing operations there untenable.

The Japanese electronics and entertainment giant, which had suspended operations in the country earlier this year, sold its Russian music business unit and transferred artists signed to it to a local company, the sources said, though the value and other details of the transaction are not known.

With Russia continuing to face global sanctions, Sony's local branch has recently said it could not maintain its presence within the country.

But the financial impact of the business suspension on the company is expected to be limited as its operations in Russia and Ukraine accounted for just 0.7 percent of Sony's global businesses in terms of sales for the fiscal year ended March 2022.

© Kyodo News