SAP (SAPG.DE) will miss its deadline to exit Russia before the end of the year as the German software group has failed to find a buyer for the unit, five sources told Reuters, underscoring the difficulties some companies are facing to leave the country.
The Walldorf, Germany-based enterprise software company in April joined Oracle Corp (ORCL.N), Salesforce Inc (CRM.N) and others in announcing plans to exit Russia after President Vladimir Putin sent troops into Ukraine, prompting a slew of Western sanctions on Russian companies and business people.
In July, CFO Luka Mucic said SAP would complete the exit by the end of the year and take a charge of 350 million euros.
While it has shut its data centers and cloud business in the country, SAP still has annual contracts for its maintenance business in Russia that it must service or face legal risks, said the sources, who asked not to be identified because they are not authorized to speak publicly about the situation.
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