Finland based telecommunication, information technology and consumer electronics company Nokia Oyj (HEL: NOKIA) announced have stopped its business activities in Russia, this was announced by the company’s chief executive, Pekka Lundmark, who said they are indefinitely suspending their business in Russia.
“We just simply do not see any possibilities to continue in the country under the current circumstances,” said the CEO.
Nonetheless, the CEO added that the company will continue to support customers during its exit and at the current stage, it’s not possible to say how long it would take to withdraw its services from Russia.
Since Russia invaded Ukraine on February 24, the United States and her allies in Europe have been imposing sanctions against Russia which has resulted to hundreds of multinational companies pulling out of Russia.
Regardless of the fact that, sectors like the telecommunication sector have been exempted from the sanctions on humanitarian grounds, Nokia has resolved pulling out of Russia was the only viable option at disposal.
“Nokia is applying for the relevant licenses to support customers in compliance with current sanctions,” added Nokia.