But "uncertainties still remain related to the transaction and the timing..."

Nokia, Finland - Russian government officials have approved the previously announced purchase of Nokian Tyres plc's operations in Russia by local energy major PJSC Tatneft.

The deal is in line with the total permissible transaction price of RUB23,050 million set by the Russia's 'commission for monitoring foreign investments', said Nokian - citing information from Tatneft.

The actual exchange rate to Euro will be determined by the Russian Central Bank on the day of payment, the company statement added.

Based on benchmark exchange rate on 13 March, the price approved by the Russian governmental would be €286 million, as opposed to the original transaction price of €400 million announced late October last year.

"Substantial uncertainties still remain related to the transaction and the timing of it as well as the RUB/EUR exchange rate on the day of payment", cautioned Nokian.