Companies Nokia withdraws from Russia

The company estimates that the withdrawal will result in the recognition of a 100 million provision.

Network devices Nokia is announcing its withdrawal from Russia. The company has previously suspended deliveries and new business in Russia and started relocating its research and development operations.

“We simply don’t have a chance to continue [liiketoimintaa] country in the current circumstances, ”the CEO Pekka Lundmark said the news agency Reuters.

Nokia Russia accounted for less than 2 percent of its revenue last year. The company estimates that the withdrawal will not prevent it from achieving its financial targets for this year.

Nokia estimates that the decision to withdraw will result in a provision of EUR 100 million in the first quarter, which will affect the company’s reported but not comparable earnings data.

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