Nokia announces its withdrawal from the Russian market

The historic telecommunications companyNokia announces that it will close its operations in the Russian market due to security issues.

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The technology company Nokia announced on Tuesday that it will withdraw from the Russian market , saying that its “priority remains the safety and well-being of our employees.”

Nokia indicates that it was clear from the “first days of the invasion of Ukraine” that continuing its operations in  Russia “would not be possible” . In addition, the telecommunications company reports that in recent weeks they have suspended deliveries, halted new business, and are moving their R&D activities out of Russia. “Now we can announce that we will exit the Russian market.” Nokia says.

Since Russia’s military operations in Ukraine , several companies have announced their departure from the Putin-ruled country, while Western leaders have also issued sanctions against Russian officials and companies.

Nokia leaves Russia

Nokia ‘s statement added that “for humanitarian reasons, Western governments have expressed concern about the risk of critical Russian telecommunications network infrastructure failure.”

Also, the Finnish company will try to provide support to maintain the networks and they are requesting the relevant licenses to allow “this support in compliance with the sanctions in force”.

“This is the most responsible course of action for Nokia to take as we exit the Russian market.” Nokia adds.

Regarding the financial impact for Nokia , the company indicates that Russia represented less than 2% of its net sales in 2021 . The company does not expect its departure from Russian soil to affect its 2022 targets.