Nokia Exits, Russian Market Over Invasion

Telecoms network and 5G technology supplier Nokia says it will exit the Russian market due to Moscow's invasion of Ukraine.

The Espoo, Finland-based company said Tuesday "it has been clear for Nokia since the early days of the invasion of Ukraine that continuing our presence in Russia would not be possible." Nokia said it has suspended deliveries, stopped new business and moved research and development activities out of Russia in the past weeks. The company said that Russia accounted for less than 2% of Nokia's sales in 2021, and the exit decision will have no impact on its financial outlook this year. It said that "as we exit, we will aim to provide the necessary support to maintain the networks and are applying for the relevant licenses to enable this support in compliance with current sanctions."

(PTI)