Siemens leaving Russia over Ukraine invasion
Automation company Siemens has announced it will shut down operations in Russia in response to Moscow’s invasion of Ukraine.
“Siemens will exit the Russian market as a result of the Ukraine war. The company has started proceedings to wind down its industrial operations and all industrial business activities,” the German multinational conglomerate corporation said in a statement on Thursday.
“The financial impact of this decision will be reported as part of the regular disclosure on the second quarter results today on May 12, 2022.”
Siemens also said that it had put its businesses in Russia and Belarus on hold due to the invasion, adding that the current sanctions implemented on both countries have impacted their business, including its rail service and maintenance.
https://www.msn.com/en-us/news/politics/siemens-leaving-russia-over-ukraine-invasion/ar-AAXc6xY