Siemens halted all new business and international deliveries in Russia and Belarus at the beginning of the war. Now the German manufacturing giant says it will exit the Russian market entirely.
Siemens headquarters in Munich, Germany, pictured in May 2019. The German industrial giant is ending operations in Russia after more than a century.
It called the decision a direct consequence of Russia's war in Ukraine, saying that international sanctions"as well as current and potential countermeasures" are impacting its business — particularly rail service and maintenance — in Russia.
Siemens also released its second-quarter financial results on Thursday, revealing that it faced 600 million euros in charges and impairments as sanctions on Russia hampered its mobility business,. Its net income halved to 1.21 billion euros in the first three months of the year, falling short of analysts' forecasts.
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