Nokia to stop doing business in Russia

Telecoms equipment maker Nokia is pulling out of the Russian market, Report informs referring to Reuters.

Hundreds of foreign companies are cutting ties with Russia following its February 24 invasion of Ukraine and after Western sanctions against Moscow.

While several sectors, including telecoms, have been exempted from some sanctions on humanitarian or related grounds, Nokia said it had decided that quitting Russia was the only option.

"We just simply do not see any possibilities to continue in the country under the current circumstances," CEO Pekka Lundmark said in an interview.

He added Nokia would continue to support customers during its exit, and it was not possible to say at this stage how long the withdrawal would take.

Nokia is applying for the relevant licenses to support customers in compliance with current sanctions, it said in a statement.