Nokia CEO Pekka Lundmark has announced the company’s plans to cease operations in Russia.<\/p>\n
Although telecoms companies are not included in the sanctions against Russia, Nokia said that leaving Russia was its only option.<\/p>\n
“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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Since Russia’s invasion of Ukraine, hundreds of companies have either suspended or ceased operations in the country.<\/p>\n