German manufacturing giant Siemens announced On Thursday, the company will “wind down” its presence in the Russian market after Moscow’s invasion of Ukraine.
In a statement, Siemens CEO Roland Busch promised that the company would continue to support its estimated 2,900 Russian workers and provide humanitarian aid in Ukraine.
†This was not an easy decision, given our duty of care to our employees and longstanding customer relationships,” he said.
Siemens halted all deliveries and halted new business in Russia and Belarus in early March, days after the war began on February 24.
The Munich-based industrial conglomerate said on Thursday that sanctions against Russia have cut its revenues in the region by about $630 million. Company Posted profit of $1.3 billion in January-March, compared to $2.5 billion in the same period in 2021.
Siemens AG, which supplied high-speed trains to Russia, earned about 1% of its revenue from Russia before the war.
The company previously suspended cooperation with Russian state-owned companies in 2017 after reports that its electricity turbines had been delivered to Ukraine’s annexed Crimea peninsula in violation of EU sanctions.
Siemens has been active in Russia since the 1850s and remained small there during the Cold War. It expanded its presence in Russia after the fall of the Soviet Union, opening a new headquarters in Moscow in 2011.
AFP contributed to reporting.