Nokia Exits From Russian Market

Nokia has officially announced its exit from the Russian market, Chris Liakos reported for CNN Business.

Photo Insert: Nokia cited humanitarian reasons, saying its top priority continues to be the safety and well-being of its employees.

"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," the Finnish telecoms company said on Tuesday.

Nokia said its top priority continues to be the safety and well-being of its employees. "For humanitarian reasons, Western governments have expressed concerns about the risk of critical telecommunication network infrastructure in Russia failing," the company added.

Nokia said that it does not expect this decision to impact its financial outlook since Russia accounted for less than 2% of its net sales in 2021. This comes after Swedish telecoms company Ericsson said Monday it was suspending its business in Russia indefinitely.

They have also emphasized the importance of ensuring the continued flow of information and access to the internet which provides outside perspectives to the Russian people.

"Therefore, 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," Nokia added.

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