NOKIA, Finland — Nokian Tyres P.L.C. has concluded the sale of its Russian assets, including its tire factory in Vsevolozhsk, to Russian energy and petrochemicals producer P.J.S.C. Tatneft.
Nokian said the sale price of 23.1 billion rubles (approximately $307 million) was determined by the Russian Governmental Commission, which also determined the ruble/euro exchange rate by which the deal was concluded.
There are still some registration formalities in Russia to be concluded before the deal is completed, ending Nokian Tyres' operations in Russia.
"Due to the war in Ukraine it was no longer feasible nor sustainable for Nokian Tyres to continue operations in Russia," Nokian Tyres President and CEO Jukka Moisio said.