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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, Reuters report.
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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