Swedish telecommunications company Ericson has announced that it will gradually wind down business activities in Russia over the coming months.

Ericson, which has about 400 employees in Russia, said however it will provide financial support to those affected by this decision, Telegraph reports.

Meanwhile, Finnish rival Nokia has announced that it also plans to close most of its businesses in Russia by the end of this year.

And while Ericson and Nokia are leaving Russia, the country's mobile operators MTS and Tele2 will be more dependent on Chinese companies such as Huawei and ZTE.

"By the end of the year, most of our employees in Russia will leave Nokia, and all our offices will be closed," the Nokia spokesman said.

However, he admitted that they will maintain their formal presence in this country, until the closing takes place according to legal procedures.