Wargaming, the company behind World of Tanks, has announced it will pull out of its operations in Russia and Belarus.

"Over the past weeks, Wargaming has been conducting a strategic review of business operations worldwide. The company has decided it will not own or operate any businesses in Russia and Belarus and will leave both countries," the company said in a statement.

"Effective March 31 the company transferred its live games business in Russia and Belarus to local management of Lesta Studio that is no longer affiliated with Wargaming. The company will not profit from this process either today or going forward. Much to the contrary we expect to suffer substantial losses as a direct result of this decision."

Since Russia's invasion of Ukraine in late February, hundred of companies have announced their withdrawal from Russia.