Siemens to pull all business from Russia after 170 years of operations

Munich, May 13 - Neftegaz.RU. As the military conflict in Ukraine started, Siemens put all new business and international deliveries to Russia and Belarus on hold.
On May 12, German industrial giant announced that it will exit the Russian market entirely.

Since the invasion of Ukraine began, nearly 1 000 companies have curtailed operations in Russia.
The Russian market contributes about 1% of Siemens’ annual revenue.

Roland Busch, CEO of Siemens, said:

• 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

The company´s net income halved to €1.2 billion in the Q1 as the company was hit by €600 million in charges and impairments as the Russian situation took a toll on its mobility business.

The German industrial and technology group has now started winding down all its industrial activities in Russia and Belarus.
Siemens has been operating in Russia since the late 19^th century.