Clean Break: the company completely halting Russian engagements or exiting Russia

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Nokia Corporation is a Finnish multinational telecommunications, information technology, and consumer electronics corporation, established in 1865. Nokia's main headquarters are in Espoo, Finland, in the greater Helsinki metropolitan area, but the company's actual roots are in the Tampere region of Pirkanmaa.

 

Clean Break: the company completely halting Russian engagements or exiting Russia

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Revenue(RF), mln.USD
3
Assets(RF), mln.USD
10
Taxes(RF), mln.USD
44
Glob.Revenue, mln.USD
22258
Staff(RF), 2021
2904

Pulling out of Russia completely, expects to have let go of the vast majority of its employees in Russia by the end of this year.

The Company Statement
May 30, 2024

Planning exit of business in Russia due to invasion of Ukraine, however will provide support to maintain networks. Had previously suspended deliveries (to comply with sanctions) and stopped new business and started removing R&D. Statement condemning Russian invasion of Ukraine. Pledge of over $1.3M UNICEF for humanitarian work in Ukraine. Nokia Solutions and Networks LLC, a Russian subsidiary of the Finnish Nokia Solutions and Networks, received large compensation from one of the related parties in 2023 amid the winding down of its activities in Russia. This follows from the explanations to the financial statements of Nokia Solutions and Networks, published in the Federal Tax Service database at the beginning of April 2024. On May 29, 2024 a decree was issued that allows Rostelecom's subsidiary to buy 49% of Nokia's shares - buyout approved.

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Statements Archive
May 30, 2024Kremlin Approves Russian Telecom Operator's Buyout of Nokia
April 23, 20242023: Nokia compensated its Russian subsidiary billions for recycled equipment and fines under terminated contracts
October 13, 2023Production of ICT equipment in Russia
September 08, 2023Chinese equipment raised questions among Russian telecom operators
March 20, 2023Tele2 Russia withdraws case against Nokia
December 21, 2022Russian mobile calls, internet seen deteriorating after Nokia, Ericsson leave
December 21, 2022Mobile communications in Russia may roll back to the 1990s due to the departure of Ericsson and Nokia - Reuters
August 30, 2022Nokia to close Russian operations by year-end
June 12, 2022Nokia to stop doing business in Russia
April 12, 2022Nokia to exit the Russian market, no impact to financial outlook
March 02, 2022Nokia will stop deliveries to Russia
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