Russia's Putin gives Rostelecom approval to buy Nokia out of joint venture

FILE PHOTO: St. Petersburg International Economic Forum (SPIEF)

(Reuters) -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."

(Reporting by Maxim Rodionov; Writing by Alexander MarrowEditing by Tomasz Janowski and Rod Nickel)