🍎 🍕 Less apples, more pizza 🤔 Have you seen Buffett’s portfolio recently?Explore for Free

Samsung wins appeal overturning ban on Russia sales in patent lawsuit

Published 03/17/2022, 09:57 AM
Updated 03/17/2022, 10:06 AM
© Reuters. FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul, South Korea South Korea, October 11, 2017.    REUTERS/Kim Hong-Ji
AAPL
-
005930
-
SSNLF
-
XIACF
-

(Reuters) - A Russian court on Thursday overturned a ruling that would have barred Samsung Electronics (OTC:SSNLF) importing and selling 61 models of smartphones in Russia over an intellectual property lawsuit that began last year, a lawyer for Samsung (KS:005930) said.

The decision means Samsung is not restricted on its sales under Russian law, although the company said this month - in a move unrelated to the case - it would halt shipments of devices to Russia because of "geopolitical developments".

Many foreign firms have halted business in Russia after Western powers imposed sanctions on Russia over the Ukraine crisis.

The lawsuit against the South Korean company filed last year by Switzerland-based SQWIN SA claimed Samsung Pay infringed its electronic payment system patent registered in Russia.

The ban was never implemented because Samsung appealed the initial ruling and efforts by SQWIN SA for interim measures to be imposed were not granted.

The Russian court upheld Samsung's appeal, Russia's RIA news agency reported.

Court officials did not immediately respond to an emailed request for comment.

"We are fully satisfied with the appeal decision and that Samsung's arguments were carefully considered and accepted," said Natalia Gulyaeva, managing partner at Hogan Lovells in Moscow, one of Samsung's legal consultants on this case.

Samsung said it welcomed the decision. SQWIN SA did not immediately respond to a request for comment.

© Reuters. FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul, South Korea South Korea, October 11, 2017.    REUTERS/Kim Hong-Ji

A court ruling in October listed 61 Samsung models the company was prohibited from importing and selling in Russia, citing the patent numbers.

Samsung was the market leader in Russia's handsets market in the fourth quarter of 2021, with 30% market share, ahead of Xiaomi (OTC:XIACF)'s 23% and Apple (NASDAQ:AAPL)'s 13% respectively, according to data provider Counterpoint.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.