The firm had already reduced its activities after Russia's invasion of Ukraine, it said in a statement, adding that Russia accounts for less than 1% of its global sales.

The deal is expected to close in the fourth quarter after which the business will operate independently under a different brand.

As part of the proposals, KONE has agreed to deliver spare parts to Russia for a transition period of up to three months after the closing.

(Reporting by Stine Jacobsen, editing by Terje Solsvik)