The multinational technology corporation IBM has suspended all its business in Russia due to the conflict in Ukraine, CEO Arvind Krishna said.

"I've heard from many of you in response to last week's announcement regarding the war in Ukraine, and I appreciate your feedback. First, let me be very clear -- we have suspended all business in Russia. In addition, I want to give you an update on a few of the efforts underway to support our colleagues in the region," Krishna said in a statement on Monday.