French Schneider Electric has signed a binding agreement on the sale of assets in Russia to local management, the company reported.

The deal is yet to be approved by regulators, the report specifies.

As recalled in the company, since February 24, all new investments, as well as deliveries to Russia and Belarus were suspended.

The share of the Russian division in sales of Schneider Electric is about 2%. Schneider Electric expects write-offs in the amount of 300 million euros against the background of the expected transaction, as well as the previous sanctions and the gradual reduction of presence in Russia.

The company’s plans to sell assets to local management became known in late April. It was also noted at the time that Schneider Electric was planning an orderly transfer process in which the company would allocate the funds necessary to support 3,500 employees in Russia and Belarus.

Schneider Electric is a manufacturer of distribution and protection equipment, automation devices for the electric power industry.

The company has already invested more than $1 billion in Russian production facilities, the Russian section of the company’s website said. More than 60% of products supplied by Schneider Electric to Russian customers are manufactured in Russia at the company’s 5 own plants.

Schneider Electric’s assets in Russia, in particular, include the ElectroMonoblock plant in the Leningrad region (produces low-voltage automatic devices, gas-insulated monoblocks, relay protection devices), Mechanotronics (St. Petersburg) and Potential (Kozmodemyansk, Mari El). The company is also working in the innovation center in Innopolis and the innovation laboratory in Skolkovo.