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Siemens to withdraw from Russia after 170 years

By Mark Banham

Roland Busch is president and CEO of Siemens AG who have pulled out of the Russian market in reaction to the Ukraine invasion

(Picture: Siemens AG)

German industrial giant Siemens has announced plans to pull all business from Russia after 170 years of operations.

In a statement, the company said “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.”

Siemens employs 3,000 people in Russia and its activities there span energy, communications, technology and travel. The company worked on high-speed trains that now serve the Moscow–St. Petersburg route.

Roland Busch, president and CEO of Siemens AG, said: “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.”

As the war in Ukraine started, the company put all new business and international deliveries to Russia and Belarus on hold.

Since then international sanctions, have impacted the company’s Russian operations, particularly through rail deliveries and maintenance.

Siemens said it would manage the orderly process to wind down its activities in line with regulatory requirements and international sanctions.

Busch said: “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.”

Siemens has already started negotiating its way out of a contract with Russian energy supplier Gazprom. In April, it said it supported “the severe and broad sanctions applied by western governments” on Russia.

The company announced its decison to withdraw from Russia alongside second quarter results. Profit fell during the second quarter and sanctions in Russia cost the company €600 million.

However, revenue grew 16%  to €17 billion and orders grew 32% year-on-year, reaching €21 billion. 

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Dive Deeper:
German industrial giant Siemens is leaving Russia after nearly 170 years
The company first arrived in Russia in 1851 to deliver devices for a major telegraph line. It primarily does maintenance…
Latest Ukraine updates: Russia withdrawing from around Kharkiv
Ukraine news for May 14: Army says Russian troops are withdrawing from Kharkiv after weeks of heavy bombardment.
Live updates | Russian forces hit targets in eastern Ukraine
Ukraine’s military says that Russian forces have staged assaults on multiple villages in eastern Ukraine as they try to expand…
Russia-Ukraine war: What happened today (May 12)
A roundup of key developments and the latest in-depth coverage of Russia's invasion of Ukraine.
One subscription that gives you access to news from hundreds of sites
EU to help break blockade on Ukraine’s Odesa to free up grain exports
The European Commission said Thursday it would help Ukraine break the Russian blockade on the port city of Odesa, where…
UN chief 'deeply concerned' about risks of global hunger due to war in Ukraine
UN chief Antonio Guterres said Wednesday he was "deeply concerned" about the prospect of global food shortages stemming from the…
Get all your news in one place