You wouldn’t mess with a Finn now would you?
In a press release statement, Nokia announced that the company has ceased operations in Russia. This includes their limited Research and Development and products sold including smartphones. This is in response to the Western sanctions on the country due to the ongoing Ukraine-Russia conflict.
While their operations would cease to exist, their remaining infrastructure would still be intact and maintained. Russia accounts for 2% of Nokia’s net sales in 2021 and other regions are showing signs of larger growth, according to their press release statement.
“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. Over the last weeks, we have suspended deliveries, stopped new business, and are moving our limited R&D activities out of Russia.“
“ As we exit we will aim to provide the necessary support to maintain the networks and are applying for the relevant licenses to enable this support in compliance with current sanctions. This is the most responsible course of action for Nokia to take as we exit the Russian market.”
“Regarding the financial impact of the decision, Russia accounted for less than 2% of our net sales in 2021. Considering the strong demand we see in other regions – we do not expect this decision to impact our ability to achieve our 2022 outlook provided in the Nokia financial report for Q4 and full-year 2021 issued on 3 February 2022.“