Skip to content

Nokia to exit Russia

The firm said the departure would not impact its broader financial outlook.

Nokia flags outside the company's headquarters in Espoo, Finland. File photo. Image: Henrietta Hassinen / Yle

Finnish networking tech company Nokia has announced it is leaving the Russian market, due to Russia's ongoing invasion of Ukraine.

"Over the last weeks we have suspended deliveries, stopped new business and are moving our limited R&D activities out of Russia. We can now announce we will exit the Russian market," the firm said in a statement issued on Tuesday.

The firm acknowledged concerns that Western governments have expressed about the risk of Russia's telecommunications systems failing due to such departures. Nokia said it plans to offer support to maintain network connectivity and apply for permits enabling it to provide such assistance while also being in compliance with sanctions.

Nokia said the financial impact of leaving the Russian market would not be significant, as "the country accounted for less than two percent of our net sales in 2021."

The company said that the exit from Russia would not impact the goals outlined in its quarterly and annual reports last year, due to "strong demand" in other regions.

Sign up for our weekly email here to get a selection of the week's top stories in your inbox every Thursday.