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Nokia Finally Exits Russian Market

Finnish company Nokia has finally announced it will exit the Russian market, after taking steps towards the process over the past month.

Over the last few weeks, Nokia has suspended deliveries and stopped new business. The company is moving its “limited R&D activities” out of Russia.

“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 company wrote in a statement.

Nokia notes the risk of critical telecommunication network infrastructure failing, and 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.

“This is the most responsible course of action for Nokia to take as we exit the Russian market.”

Financially, Russia accounted for less than 2 per cent of Nokia’s net sales in 2021, the company assures investors that “strong demand we see in other regions – we do not expect this decision to impact our ability to achieve our 2022 outlook”.

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