Ericsson, Nokia to wind down Russian operations by year end
Monday, 29 August, 2022, 23:30
Ericsson (ERICb.ST) said on Monday it will gradually wind down business activities in Russia over the coming months, while its Finnish rival Nokia (NOKIA.HE) said it also plans to shutter most of its Russian business by the end of the year.
While Ericsson had suspended its business in Russia indefinitely in April, Nokia went a step further and said it would exit the country completely. read more
"By the end of the year, the vast majority of our employees in Russia will have moved on from Nokia, and we have vacated all of our offices," a Nokia spokesperson said on Monday. "We will retain a formal presence in the country until the legal closure is completed."
More and more Western companies are selling their Russian businesses after announcing suspensions of operations in the weeks after Moscow sent tens of thousands of troops into Ukraine on Feb. 24. read more
Dell Technologies Inc (DELL.N) said on Saturday it had ceased all Russian operations after closing its offices in mid-August. read more
Ericsson, which had put its employees on paid leave earlier this year, also recorded a 900 million crown ($95 million) provision in the first quarter for impairment of assets and other exceptional costs related to the move.
It has about 400 employees in Russia and said it would provide financial support to those affected.
Nokia, which had about 2,000 employees in Russia, said its remaining activity in the country is related to limited maintenance of critical networks to fulfill its contractual and humanitarian obligations.
UK sanctions collaborators of Russia’s illegal sham referendums131Yesterday, 23:06
Russia bans entry to 87 Canadians, Foreign Ministry says66822.09.2022, 19:24
The IAEA announced the start of consultations on the creation of a buffer zone around the Zaporozhye NPP59812.09.2022, 12:00
US sanctions firms over Iranian drone production, shipment to Russia45009.09.2022, 10:42
US approves up to $675 million in further military aid to Ukraine44208.09.2022, 13:12
NSDC imposed sanctions against 606 people from the leadership of Russia - Zelensky43708.09.2022, 09:42
EU says it is ready for complete cessation of Russian gas supplies47504.09.2022, 12:18
President says Serbia can afford alternatives to Russian fuel53529.08.2022, 23:54