STOCKHOLM, June 28. /TASS/. Nokian Tyres has decided to gradually withdraw from the Russian market due to the situation in Ukraine. The Finnish tire maker published the relevant statement on its website on Tuesday.

"Nokian Tyres’ Board of Directors has today decided to initiate a controlled exit from the Russian market. Due to the war in Ukraine and the subsequent, tightening sanctions it is no longer feasible nor sustainable for Nokian Tyres plc to continue operations in Russia," according to the statement.

The company stressed that this process will be done with due consideration to local employees and legislation.

As part of the preparation for the exit from the Russian market, Nokian Tyres will record impairments of approximately 300 million euros related to the Russian assets in the second quarter of 2022. Taking the impairments into account, the value of Nokian Tyres’ net assets in Russia and Belarus totaled approximately 400 million euros on May 31, 2022, according to the statement.