Siemens decided to leave the Russian market in connection with the Russian attack on Ukraine, recording a collection of 600 million euros in the results of the second quarter.

Siemens leaves Russian market

The German multinational conglomerate has begun the process of “winding down” its industrial operations, as well as all industrial commercial activities, Railway Supply magazine reports, citing railway-technology.

It stopped all new business and international shipments to Russia and Belarus after Russia invaded Ukraine.

International sanctions, along with existing and potential retaliatory actions, have hit the company’s operations in Russia, in particular rail transportation and maintenance.

The €600 mln of impairment and other expenses recorded over the three-month period were primarily attributable to its Mobility division, which manufactures trains.

Siemens income from continuing operations in the current quarter was 1.21 billion euros compared to 1.52 billion euros in the same quarter a year ago.

However, revenue rose to 17.04 billion euros from 14.66 billion euros in the period, with orders up 32% to 21 billion euros, driven by double-digit growth across all industrial businesses.

Siemens President and CEO Roland Busch said: “We condemn the war in Ukraine and have decided to end our industrial activities in Russia.”

“This was not an easy decision given our responsibility to care for our people and our long-standing customer relationship in a market we have been in for nearly 170 years.

“We are evaluating the impact on our people and will continue to support them to the best of our ability. At the same time, we provide humanitarian assistance to our colleagues and the people of Ukraine and support the international community in calling for peace.”

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