Nokia exits the Russian market
"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 writes in an update.
Over the last weeks Nokia has suspended deliveries, stopped new business and the company is now also moving its limited R&D activities out of Russia.
"We can now announce we will exit the Russian market. During this process our priority continues to be the safety and wellbeing of our employees," the company writes in a press release.
Regarding the financial impact of the decision, Russia accounted for less than 2% of Nokia's net sales in 2021. The company says that considering the strong demand from other regions – Nokia does not expect the decision to impact its ability to achieve its 2022 targets.
Nokia says that it expects the decision to lead to a provision in Q1 of approximately EUR 100 million.