Siemens is leaving Russia due to the invasion of Ukraine

Economy / May 12, 2022 / DRPhillF / 0

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Siemens has joined a number of companies announcing the exit or suspension of services in Russia due to the invasion of Ukraine.

The company had halted all new business and international deliveries to Russia and Belarus at the start of the war.

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Siemens says that international sanctions, in addition to current and potential countermeasures, are affecting the company’s business activities in Russia, especially railway service and maintenance.

German industrial conglomerate Siemens Sven Hoppe / Pool via REUTERS

The Company will manage the orderly process of termination of its activities in line with international regulatory requirements and sanctions.

Intel becomes the latest WESTERN TECH company to suspend business in Russia

“We condemn the war in Ukraine and have decided to implement an orderly process to reduce our industrial business activities in Russia,” said Roland Bosch, President and CEO of Siemens AG. “This was not an easy decision, given our duty of care to our employees and our long-standing relationships with clients, in a market we have been active in for nearly 170 years.”

“We are assessing the impact on our people, and we will continue to support them to the best of our ability. 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.”

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Siji	SIEMENS AG	59.71	-0.69	-1.14%

MICROSOFT suspends sales of new services and products in Russia

The German company employs about 3,000 people in Russia and had previously decided not to undertake new projects after the invasion, which Moscow calls a special operation.

Siemens said its net income fell 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 fees and declines as the Russian situation weighed on its mobility business.

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Siemens joins companies such as Alcoa, Airbnb, Intel, Microsoft and others in terminating or suspending service to Russia.