Nokia, a telecom equipment manufacturer, stops doing business in Russia. The company said in an official statement that the decision would not affect its financial prospects.

Earlier, Nokia suspended deliveries of base stations and network equipment to Russia. New investments have also been stopped in recent weeks, and research activities have been moved outside of Russia. However, Nokia plans to provide support to maintain networks and apply for the licenses needed to provide support under sanctions.

Last year, Russia accounted for less than 2% of the company’s net sales. Nokia expects the loss caused by the complany's exit to be approximately 100 million euros in Q1.

Shortly before, Ericsson announced the suspension of activities in Russia for an indefinite period.

MForum Analytics analyst Alexey Boyko said that “the exit of Ericsson and Nokia is a severe blow to the Russian telecom industry”. In this regard, Russian companies will have to turn to Chinese manufacturers, primarily Huawei and ZTE. “As of today, the development of Russian telecom has pretty much stopped. Now it will take considerable effort to at least not regress. And we will have to wait until we are able to move forward”.

Original (in Russian)