South Korean tech giant Samsung Electronics said on Saturday that the company has suspended shipments to Russia over "geopolitical developments."

Samsung is the world's biggest memory chip maker and the leading smartphone seller in Russia.

"Due to current geopolitical developments, shipments to Russia have been suspended," Samsung said in a statement. "We continue to actively monitor this complex situation to determine our next steps."

In the fourth quarter of 2021, Samsung held about 30 percent of the smartphone market in Russia, according to data provider Counterpoint.

(With input from AFP, Reuters)