Business & Economy

Siemens exits the Russian market over Ukraine war

Frankfurt, Germany, May 12 (EFE).- The German technological firm Siemens has decided to leave the Russian market as a result of the war in Ukraine and has begun to suspend its operations and industrial activities in the country.

Siemens said Thursday that the financial impact of the decision is included in the results of the second quarter of its current year, which began in October.

The company said in a statement that after the start of the war, it put all new business in and international deliveries to Russia and Belarus on hold.

“We condemn the war in Ukraine and have decided to carry out an orderly process to wind down our industrial business activities in Russia,” said Siemens President and CEO Roland Busch.

“This was not an easy decision, given our duty of care for our employees and long-standing customer relationships, in a market where we have been active for almost 170 years,” he added.

International sanctions and possible countermeasures affect Siemens’ activities in Russia, especially rail and maintenance services.

Siemens has already informed on its activities related to Russia as part of its Q2 disclosure on May 4, the statement concluded. EFE


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