Putin Approves Rostelecom's Acquisition of Nokia's JV Stake

Russian President Vladimir Putin authorised Rostelecom to buy Nokia Solutions and Networks' stake in their joint venture. Nokia decided to exit the Russian market in April 2022 following Russia's invasion of Ukraine. Rostelecom stated the transaction would be completed soon, though other details remain undisclosed.

Russian President Vladimir Putin authorised a subsidiary of telecoms firm Rostelecom on Wednesday to buy Nokia Solutions and Networks' stake in a software joint venture between the companies, according to a decree.

Finland's Nokia said in April 2022 that it would exit the Russian market after Moscow despatched troops to Ukraine in February 2022. In a statement, Rostelecom said that its previous business model had become impossible after Nokia left the Russian market.

"The transaction will be completed shortly," Rostelecom said. "Other details are not being disclosed."

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