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

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

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

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

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

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

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

However, he announced that he will have to provision the costs of his departure from Russia with some €100 million ($108 million) in first quarter accountse, although it noted that this will not affect its 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.

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(With information from EFE)

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