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Nokia To Stop Business In Russia

Finnish telecom major Nokia Corporation (NOK), said on Tuesday that it has decided to exit from Russian market amid ongoing Russian invasion in Ukraine and sanctions imposed by the Western governments against the incursion.

The company said the move will not impact its projected outlook for the fiscal 2022, considering the demand for its products and services in other parts of the world. However, it will record a provision in the first quarter of about 100 million euros, that will have impact on the reported but not comparable results.

Russia accounted for less than 2 percent of its net sales in 2021.

Nokia is aiming to provide necessary support to maintain its Russian networks in compliance with the current sanctions.

For the fiscal 2022, Nokia expects net sales of 22.6 billion euros to 23.8 billion euros, and comparable operating margin of 11 percent to 13.5 percent.

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