Nokia Exits Russia, Aims to 'Support' Networks It's Leaving Behind

Nokia expects “no impact” to its financial outlook from its decision to exit Russia over the Ukraine invasion, said the company Tuesday. It has been clear to Nokia since the “early days” of the Feb. 24 invasion that “continuing our presence in Russia would not be possible,” it said. “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.” Western governments, for “humanitarian reasons,” have expressed concerns about “the risk of critical telecommunication network infrastructure in Russia failing,” said Nokia. Governments have also emphasized the importance of “ensuring the continued flow of information and access to the internet which provides outside perspectives to the Russian people,” it said. “The most responsible course of action” for Nokia as it exits the Russian market is to “aim to provide the necessary support to maintain the networks" by applying for "the relevant licenses to enable this support in compliance with current sanctions,” it said. Nokia drew less than 2% of its 2021 net sales from Russia and expects to take a “provision” of 100 million euros ($108.3 million) on its Q1 results from its decision to leave, it said.