Nokia announced that it is withdrawing from the Russian market due to the invasion of Ukraine

Finnish telecommunications company Nokia announced on Tuesday that it is withdrawing from the Russian market due to the war with Ukraine and the sanctions imposed by the European Union (EU).

Nokia, which in recent weeks had already suspended the supply of mobile network equipment to Russia, said in a statement that it has stopped the development of new businesses and is moving its research and development (R&D) activities outside the country.

“We can now announce that we are leaving the Russian market. During this process, our priority remains the safety and well-being of our employees,” the company said.

However, Nokia will continue to provide the necessary support to maintain existing networks “in compliance with current sanctions”, in order to ensure the flow of information and internet access that provides external perspectives to the Russian people.

“This is the most responsible course of action that Nokia should take as we exit the Russian market,” the company said.

According to Nokia, its turnover in Russia accounted for less than 2% of the 22,202 million euros (24,132 million dollars) in total sales in 2021, so it is confident that this decision will not affect its financial projections for the current year.

However, he announced that he will have to provision the costs of his departure from Russia with about 100 million euros ($108 million) in the accounts for the first quarter, although he noted that this will not affect his comparable results (excluding extraordinary items).

Nokia's announcement comes a day after its main European rival, the Swedish company Ericsson, also made public the indefinite suspension of its business in Russia for the same reasons.

(With information from EFE)

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