Home News Siemens withdraws from Russia following war in Ukraine

Siemens withdraws from Russia following war in Ukraine

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“We will leave Russia through an organized reduction in activities,” a statement posted on the company’s Twitter account said on Thursday.

Simens earlier announced in March that it would suspend new and international business with Russia, but would continue local service and maintenance activities while ensuring “strict adherence to sanctions.”

According to a statement issued on Thursday, “comprehensive international sanctions … affect the company’s business activities in Russia, especially railway maintenance and services.”

“We join the international community in condemning the war in Ukraine and focus on supporting our staff and providing humanitarian aid. We announced on Thursday our decision to carry out an orderly process of liquidation of our industrial activities in Russia, “said the company’s general manager, Roland Busch, informs Reuters.

Siemens has about 3,000 employees in Russia, and had previously announced that it had decided not to take part in new projects after the invasion.

The German company also reported on Thursday that it was facing financial difficulties in the first quarter of 2022 due to losses to the train division.

In the first three months of this year, net profit halved to 1.21 billion euros, with the company recording asset impairments of 600 million euros due to problems in Russia.

Siemens has maintained relations with Russia since the 1850s. Until recently, the German company supported economic rapprochement between Germany and Russia.

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