Siemens leaves Russia for political reasons
The German industrial-technology group said Thursday it is ending its involvement in the Russian economy. Siemens is currently the latest multinational company to announce an exit from Russia and related losses.
In the second quarter of 2022, the company's losses totaled about $630 million. The company cites the conflict in Ukraine as the reason, and Siemens CEO Roland Busch called the geopolitical situation "a turning point in history."
More than 3,000 Siemens employees work in Russia. Russian revenues account for about 1% of the company's total revenues. It is also reported that starting from May 13, Siemens will break its service contracts with Russian Railways.
