Nokia to wind down Russian operations by year-end

Nokia Corporation said it plans to shutter most of its Russian business by the end of the year, Report informs, citing Reuters.

"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."

Ericsson said on Monday it will gradually wind down business activities in Russia over the coming months.