Ericsson said on Monday it will gradually wind down business activities in Russia over the coming months, while its Finnish rival Nokia said it also plans to shutter most of its Russian business by the end of the year.

Axar.az reports that while Ericsson had suspended its business in Russia indefinitely in April, Nokia went a step further and said it would exit the country completely.

"By the end of the year, the vast majority of our employees in Russia will have moved on from Nokia, and we have vacated all of our offices," a Nokia spokesperson said on Monday. "We will retain a formal presence in the country until the legal closure is completed."