Nokia announces exit from Russian market: Details Inside

In light of Russia's invasion of Ukraine, Nokia has taken the decision to exit the Russian market, the Finnish firm announced on Tuesday, adding that the decision will have no impact on its financial outlook for this year.

Nokia has already suspended deliveries, stopped new business and is also moving its limited R&D activities out of Russia.

"It has been clear for Nokia since the early days of the invasion of Ukraine that continuing our presence in Russia would not be possible.We can now announce we will exit the Russian market. During this process, our priority continues to be the safety and well-being of our employees," Nokia said in a statement.

For humanitarian reasons, Nokia will be providing the necessary support to maintain the telecommunication networks. The Finnish network equipment maker is also applying for the relevant licenses to enable this support in compliance with current sanctions.

Further, Nokia said that decision will not impact its ability to achieve the 2022 outlook provided in the company's financial report for Q4 and full year 2021 issued earlier this year. However, it would lead to a provision in Q1 of approximately €100m which will impact our reported but not comparable financials.