Nokia is leaving the Russian market. The decision of the Finnish manufacturer of telecommunications equipment was announced in a press release dated April 12. The company is confident that its financial prospects will not be affected by leaving Russia.
“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. During this process our priority continues to be the safety and wellbeing of our employees”, the company stated.
At the same time, the manufacturer reminded that the collapse of the telecommunications infrastructure in Russia should be avoided and Russians should be provided with free access to information from outside. Because of this, even after leaving Russia, the company will help maintain networks and apply for licenses to provide support within the limits allowed by sanctions.
Withdrawal from the Russian market will not prevent Nokia from making projected profits in 2022. The share of sales in Russia last year was less than 2%. Also, the manufacturer’s products are in high demand in other regions.