Finnish engineering and service company Kone announced it is selling off its operations in Russia to local management.
The transaction is subject to approval by Russian authorities and is expected to be completed by the end of the year at the latest, the company said in a press release issued on Tuesday.
The company has not disclosed the sale price.
Kone said it would provide spare parts to Russia for a transitional period of three months after closing the deal. However, use of the Kone brand is not included in the sale.
The Russian market has accounted for less than one percent of Kone's annual global sales. The company employs around 650 people and serves around 1,500 clients in the country.
The company suspended deliveries to Russia in March, following Russia's attack on Ukraine at the end of February.
Finnish Ponsse also exits Russia
Meanwhile, Finnish forest technology manufacturer Ponsse also announced on Tuesday that it sold its Russian operations to a local buyer for an undisclosed sum.
The company said sales in Russia and Belarus accounted for around 20 percent of its net sales last year.