Siemens Leaves Russia After Almost 170 Years in Operation

The German Industrial Giant Siemens announced Thursday that it would exit the country after almost 170 years of operation.

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

Busch added that exiting Russia was “not an easy decision” for them, given their long-standing customer relationships in the Russian market.

“We are evaluating the impact on our people, and we will continue to support them to the best of our abilities. At the same time, we provide humanitarian assistance to our colleagues and the people of Ukraine and stand with the international community in calling for peace,” Busch added.

Siemens was one of the first companies to put on hold all new business in Russia following the war in Ukraine.

Meanwhile, Siemens, the maker of trains and industrial equipment in Russia, said the Russia sanctions shaved off about 600,000 euros ($623,000) from its fiscal second-quarter results.


© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.