Siemens leaving Russia over Ukraine invasion
The company had put all business in Russia and Belarus on hold at the start of the war
Siemens has joined a number of businesses that have announced an exit or suspension of their services in Russia due to the invasion of Ukraine.
The company had put all new business in and international deliveries to Russia and Belarus on hold at the start of the war.
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Siemens says the international sanctions, as well as current and potential countermeasures, impact the company’s business activities in Russia, particularly rail service and maintenance.
German industrial conglomerate Siemens (Sven Hoppe/Pool via Reuters)
The business will manage the orderly process to wind down its activities in line with regulatory requirements and international sanctions.
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"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 Roland Busch, President and CEO of Siemens AG. "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."
"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.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SIEGY | SIEMENS AG | 97.8785 | +0.85 | +0.87% |
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The German company employs around 3,000 people in Russia and had previously decided to not take on new projects after the invasion, which Moscow calls a special operation.
Siemens said its net income halved to 1.21 billion euros ($1.27 billion) in the three months to the end of March as the company was hit by 600 million euros in charges and impairments as the Russian situation took a toll on its mobility business.
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Siemens joins companies including Alcoa, Airbnb, Intel, Microsoft and others in ending or suspending service to Russia.