Nokia announced recently that it is stopping all the deliveries to Russian telcos due to the sanctions imposed on Russia over the conflict with Ukraine. Nokia is a partner to many major Russian telecom operators like MTS, Vimpelcom, Megafon and Tele2. Nokia also said through a spokesman that they are constantly accessing this complex situation. It is not known when will Nokia be back in doing business on the Russian market, but it won’t be anytime soon according to how the invasion is progressing.
Nokia’s CEO Pekka Lundmark expressed his concerns regarding the conflict in an official statement and announced that “Nokia stands for human rights, international co-operation and the rule of law”. He also said that Nokia will be donating 1 million euros to UNICEF to help support its humanitarian work in Ukraine.
I am shocked and devastated by the Russian invasion of Ukraine. @Nokia strongly and unequivocally condemns this war and the deaths of innocent people. We will donate €1 million to @UNICEF to help support its humanitarian work in Ukraine. https://t.co/4pS6HZTw6B
Nokia is not alone in the actions against Russia since Ericsson did the same, and now the Russian telcos only got Huawei as the only supplier of networking equipment left, of course, if China will allow the company to export its goods there.
This situation will surely rattle the networking business and we can already see Nokia’s stock losing 6 per cent of its value since the sanctions on Russia were announced.