The decision to withdraw from the Russian market was communicated in a recent press release.
Finnish telecommunications company, which years ago was known for manufacturing its cell phones and smartphones has decided to completely withdraw from the Russian market.
The telecommunications giant based in Espoo, Finland has decided to completely withdraw from the Russian market. In recent weeks Nokia has halted deliveries and stopped new projects in Russia. It has now been reported that the company is completely leaving the Russian market by withdrawing from it 100%. The company is in the process of moving R&D activities performed in Russia out of the country. In the meantime, the HR department takes care of the safety and well-being of Nokia’s employees (in total, we are talking about Mr. 55,000 people worldwide).
Nokia, in agreement with Western governments, will continue to protect Russia’s telecommunications infrastructure from critical failures. The decision was made for humanitarian reasons and to allow the free transfer of information and network access for Russian citizens. Support will take place with sanctions in place and in consultation with the European Commission.
Nokia has communicated that the decision to withdraw from the Russian market will not adversely affect the company’s financial results. Russia accounted for less than 2% of net sales in 2021.