Nokian Tyres announced that Russian energy and petrochemical company PJSC Tatneft has paid it 285 million euros ($302.30 million) for its operations in Russia. The Russian Governmental Commission on Monitoring Foreign Investments has approved PJSC Tatneft’s purchase. The signing of the transaction was announced on Oct. 28, 2022.

After registration formalities in Russia, the transaction will be completed, and Nokian Tyres’ operations in Russia will end, the company said.

“Due to the war in Ukraine, it was no longer feasible nor sustainable for Nokian Tyres to continue operations in Russia. The exit process has been long, but we are satisfied that we are in the final stage of completing it. Our focus is now fully on building the new Nokian Tyres, and we are excited about our new direction,” said Jukka Moisio, president and CEO of Nokian Tyres.

The final impacts of the transaction will be disclosed in the first quarter 2023 interim report on April 25, Nokian said.