UrBC, Moscow, December 15, 2015. The Japanese corporation Toshiba no longer intends to sell its TV sets and household appliances in Russia, Kommersant reports.

‘We are leaving the Russian market completely; all of our supply actually got sold as early as last October, when consumer goods sales reached their peak. This market turned out to be very hard to operate on, since the Korean companies Samsung and LG have a 70% share of it,’ says Toshiba RUS Director-General Hiroaki Tezuka.

It is reported Toshiba plans to focus on B2B contracts.

Now Toshiba Corporation runs two companies in Russia, Toshiba RUS and Toshiba CIS (in liquidation since June 2015). It was the latter company that offered the corporation’s audio and video appliances and household electronics on the commodities market.

Toshiba announced plans for a major restructuring campaign in the summer of 2015, following a creative accounting scandal that cost the company $1.3bn.

Toshiba CIS head of foreign trade division Kunihiro Nomura says, in the meantime, that no news regarding Toshiba leaving the Russian market officially reached him.