Nokia Stops Business Operations In Russia

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Nokia CEO Pekka Lundmark has announced the company’s plans to cease operations in Russia.

Although telecoms companies are not included in the sanctions against Russia, Nokia said that leaving Russia was its only option.

“We just simply do not see any possibilities to continue in the country under the current circumstances. A lot would have to change before it will be possible to consider again doing business in the country,” Lundmark said.

Nokia’s decision will affect about 2,000 workers in the country, but Lundmark said some of them could be offered work in other parts of the world.

Nokia will also put an end to a plan announced in November to establish a joint venture with Russia’s YADRO to build 4G and 5G telecommunications stations.

Since Nokia makes a low single-digit percentage of sales in Russia, the company said the decision to leave the country will not affect its outlook for 2022.

Since Russia’s invasion of Ukraine, hundreds of companies have either suspended or ceased operations in the country.

The sources for this piece include an article in Reuters.

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