Nokia, Logitech International and Ericsson have joined Dell and other technology companies in exiting the Russian market due to the ongoing Russian-Ukraine conflict.
According to a Nokia spokesperson, the vast majority of its 2,000 employees will have left Russia by the end of the year, but they will maintain a formal appearance until the conclusion of the legal process. Ericsson, which sent about 400 employees on paid leave earlier this year, recorded a provision of 900 million crown (US$95 million) for non-performing assets and other notable costs related to the relocation in the first quarter.
Given the ongoing political challenges, the process of withdrawal or suspension has required careful planning, according to Paolo Pescatore, analyst at PP Foresight.
With the exit of Ericsson and Nokia from Russia, the Russian mobile operators MTS and Tele2 will become more dependent on Chinese companies such as Huawei and ZTE.
The sources for this piece include an article in Reuters.