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Siemens completely leaves the Russian market

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The German manufacturer of equipment and electronics Siemens has announced that it is completely withdrawing from the Russian market. A message about this was published on the official website of the concern.

The company has already begun to curtail production located on the territory of the Russian Federation. In early spring, the company has already stopped investing in Russian business, and also stopped deliveries to Russia and Belarus.

According to the general director of the concern, this decision was not easy for the company’s management. Siemens has been operating in the Russian market for 170 years and has a number of obligations to its Russian employees. The concern plans to support the employees of the office in Russia to the best of its ability. The company also sends humanitarian aid to Ukrainians affected by Russian actions. Both sides of the leadership of Siemens calls for a peaceful solution.

Over the years, the company opened two divisions in Russia and was one of the main suppliers of power equipment. Siemens also collaborated with Russian companies on renewable energy projects and worked on the creation of the famous Sapsan trains.

The concern’s profit has already fallen, although the termination of cooperation with Russia has just begun. The financial year for Siemens ended with a 23% decline in profits. In just 12 months, the company earned 3 billion euros. According to the company’s analysts, the coronavirus pandemic and the disruption of supply chains affected the drop in profits. Already next year, the concern intends to improve its results, despite the rejection of a significant part of the market.

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