Six months ago, the company suspended operations here due to the Russian invasion of Ukraine.
Sony Music Group became the first major recording studio to announce its complete exit from the Russian market. This happened six months after the decision to suspend operations related to the Russian Federation's full-scale invasion of Ukraine, Billboard reports. the Russian company and its local staff under local management”.
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“As the war continues to have a devastating humanitarian impact on Ukraine, and sanctions against Russia continue to intensify, we can no longer maintain a presence in Russia, the decision takes effect immediately,” the statement reads.
According to the publication's sources, the Russian division, together with the employees, will be transferred to the local management company, which was founded by the ex-director of Sony Music Russia, Arina Dmitrieva. It is noted that the company will be completely independent from Sony Music and will represent only local musicians.
The rights to songs by foreign artists are not included in the terms of the agreement, so they should be removed from Russian streaming services.
We remind you that The European Union has approved the seventh package of sanctions against Russia due to its invasion of Ukraine. It provides for a ban on the import of Russian gold, as well as an expansion of the list of dual-purpose goods and technologies prohibited for export to the Russian Federation. The expansion of sanctions against individuals and legal entities close to the Kremlin and Russian President Vladimir Putin is also foreseen.
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