Siemens decides to quit Russian market
Germany’s Siemens said it has decided to leave the Russian market due to the ongoing war in Ukraine, News.Az reports.
The German engineering and technology firm has already begun the process of terminating its manufacturing and operating activities.
"We join the international community in condemning the war in Ukraine and are focused on supporting our people and providing humanitarian aid," said Chief Executive Roland Busch in a statement.
"Today, we announced our decision to carry out an orderly process to wind down our industrial business activities in Russia," he added.
Siemens, which employs 3,000 people in Russia, incurred 600 million euros in impairment and other charges mostly recorded at its train-making mobility business subsequent to sanctions imposed on Russia, the German firm noted.