Intel to Go Ahead With Russian Unit Despite Sanctions
Jun 10, 2014
The Itar-Tass news agency reports that U.S.-based Intel’s Vice President for Europe, Middle East and Africa Christian Morales said that the world’s largest semiconductor chip maker will establish a research unit at Skolkovo within the next year or two, depending on the readiness of offices and infrastructure. Morales spoke with the news agency on the opening day of the St. Petersburg International Economic Forum May 24.
Morales told the agency that Intel is deeply involved in Skolkovo, which was conceived as Russian in answer to the U.S.’ Silicon Valley, adding that the company’s total investments in Russia have amounted to about $1 billion over 20 years, before injections into Intel Capital.
Intel signed a cooperation agreement with Skolkovo in late 2011 that stipulates the creation of an R&D unit by 2016 and the allocation of official venture fund status to Intel Capital.
The project may be completed in 2015-2016, Morales said at the Forum. Despite the current economic sanctions in place over Crimea, which Morales says Intel respects, he noted that the company seeks ways to support Russian business.
Morales told the agency that Intel is deeply involved in Skolkovo, which was conceived as Russian in answer to the U.S.’ Silicon Valley, adding that the company’s total investments in Russia have amounted to about $1 billion over 20 years, before injections into Intel Capital.
Intel signed a cooperation agreement with Skolkovo in late 2011 that stipulates the creation of an R&D unit by 2016 and the allocation of official venture fund status to Intel Capital.
The project may be completed in 2015-2016, Morales said at the Forum. Despite the current economic sanctions in place over Crimea, which Morales says Intel respects, he noted that the company seeks ways to support Russian business.