The Finnish telecommunications company Nokia announced on Tuesday its exit from the Russian market, which will result in a provision of 100 million euros in the accounts for the first quarter.
Russia accounted for less than 2% of net sales in 2021 for Nokia, which does not expect its exit from the Russian market to affect its ability to meet its 2022 guidance due to strong demand in other regions.
In recent weeks, Nokia had already suspended deliveries, halted new business and moved its R&D activities out of Russia.
“As we go out, our goal will be to provide the necessary support to maintain the networks and we are applying for the relevant licenses to enable this support in compliance with the current sanctions,” added the Finnish company.
Nokia’s departure from the Russian market is in addition to the withdrawal announced on Monday by the Swedish telecommunications equipment and network manufacturer Ericsson, which announced the “indefinite” suspension of its business in the country, which will lead the company to provision 900 million crowns (87 million euros) in the first quarter.