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.
The company did say its business in both countries will continue to wind down its activities in line with the current regulatory requirements and international sanctions, according to the 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. This was not an easy decision, given our duty of care for our employees and long-standing customer relationships, in a market where we have been active for almost 170 years,” Siemens President and CEO Roland Busch said in a statement.
“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,” Busch concluded.
Siemens joins a number of businesses that have shut down their operations in Russia and neighboring Belarus due to Moscow’s invasion of Ukraine, which has killed thousands on both sides and displaced nearly 6 million Ukrainian citizens.