How The War in Ukraine is Impacting Tech Industry

The Technology industry is one of the major industries that is taking a hit from the Russian invasion of Ukraine.

Technology companies have over the past 2 weeks announced suspensions of a large number of operations, services, sales and more in Russia. Adobe, PayPal, Amazon, Sony, Apple, Microsoft, Meta, Netflix have joined a host of other technology companies in announcing the new measures.

Scores of IT workers in Russia have signed a public Anti-war petition. Meanwhile Russia blocked access to Facebook in Russia. At the same time Tech companies such as Apple, Microsoft, YouTube and Google sought to either remove or lower in search rankings or information from Russian media outlets such as RT, in an attempt to limit disinformation.

Ukraine took the resistance into cyberspace, using an IT army to hack Russia and it's allies. Ukraine also called on tech leaders to get involved. Russia is one of the world leaders in cyber warfare. Ukraine made a public call for donations in Crypto Currency to support it's army. It announced it would accept donations in Bitcoin, Ether or Tether. This is the first major event where cryptocurrency was part of the equation and is seen as an accelerant for the crypto sector.

Ukraine, Russia and Belarus are thought of as the Silicon Valley of Eastern Europe. With one in five of the Fortune 500 companies with technology staff resources based in that area. Many of these are Tech companies such as Oracle and Google. This is likely to further increase the shortage of tech workers. Although many Tech companies made attempts to extract their Ukraine based workforce, the stop to military aged men leaving Ukraine has halted this. Furthermore, 90% of semi-conductor manufacturing for the US is done in Ukraine and 45% of the palladium comes from Russia. This will have knock on effects on the semiconductor shortage.