After 170 years of business in Russia, German giant Siemens will exit the market as a result of the war in Ukraine.
After the start of the February 24 invasion, Siemens put all new business and international deliveries to Russia and Belarus on hold. It has now started proceedings to completely wind down its operations and business activities in the country.
The announcement to exit the Russian market was made at the same time as Siemens released detailed information on its Q2 earnings, illustrating the financial effects of its sanctions on Russia.
Roland Busch, president and CEO of Siemens AG, said in a statement: “We condemn the war in Ukraine and have decided to carry out an orderly process to wind down our industrial business activities in Russia.
“We are evaluating the impact on our people and we will continue to support them to the best of our abilities. 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.”
In an interview with Bloomberg, Busch reaffirmed the company’s decision as a necessity, “It’s a tough decision, after being 170 years in the county, but there is no alternative and it’s very clear that this is the way the sanctions are supposed to work.”