Ericsson, Nokia to wind down Russian operations by year end
1093 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. |
Turkey imposes export restrictions on Israel until Gaza ceasefire
272409.04.2024, 19:18Forbes has released its list of the world's billionaires. There are more than ever before – and they're wealthier.
330502.04.2024, 21:12Media: Türkiye may reduce purchases of F-16s from United States
306630.03.2024, 18:48#FoxNews: Ukraine aid surpasses $113 billion
349729.03.2024, 11:30Baltimore bridge's $81 billion trade crisis (photo)
375427.03.2024, 14:36EU approves 13th sanctions package against Russia
638721.02.2024, 14:54Bank of Georgia Group to buy Armenian bank Ameriabank for $303.6 million
345219.02.2024, 12:48Bank of Georgia Group PLC announcement regarding possible transaction with Ameriabank CJSC
361415.02.2024, 21:36