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12 Apr 2022

Nokia Set to Suspend Operations in Russia

The Index Today

Prominent telecommunications and electronics company Nokia announced its decision to call off its operations in Russia in the wake of its war with Ukraine.

Russia has been urging prominent companies like Nokia and Ericsson to establish production plants in the country that would use only Russian raw materials, Reuters reported.

Nokia’s CEO Pekka Lundmark said in an interview to Reuters, "We just simply do not see any possibilities to continue in the country under the current circumstances." Meanwhile, its competitor Ericsson on Monday revealed that it will be indefinitely halting its business in Russia.

Nokia, however, assured that it will assist its Russian customer base as it prepares to make the exit from the country, but did not offer further details on how long the departure period would last. The company also revealed that it is pulling out of its November 2021 deal with Russia’s YADRO to construct 4G and 5G telecom base stations in the country.

This comes as a series of companies have and continue to distance themselves from the country after the Kremlin ordered the invasion of Ukraine in late February. Since the onset of the geopolitical upheaval in Eastern Europe, Russia has been excluded from various international forums and organizations as part of Western sanctions against the country for causing the war.

©Photo: Bloomberg

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