Russia's armed incursions against Ukraine have led giant companies, from various industries, to apply sanctions against Moscow. This time, Web Summit decided today to ban people and government agencies, state-controlled media, and companies with ties to the Russian government from participating in the tech summit.

Russian companies and businesses are also banned from holding any kind of exhibition at the event, which will take place in November in Lisbon (Portugal).

This move comes to demonstrate Web Summit's solidarity with the Ukrainian people, so that "we oppose this war of aggression."

In a message on the social network Twitter, Web Summit is "deeply saddened by the loss of life and the ongoing tragedy" in Ukraine.

As the crisis in Ukraine unfolds, Web Summit "will support and act on the restrictions and sanctions implemented by the European Union against Russia and Belarus."

The organization guarantees that it will continue to "closely monitor the situation" and, as things stand, Web Summit will not host "any Russian or Belarusian organizations or companies in Lisbon in November."