Siemens Group sold all its business in Russia

German concern Siemens announced the sale of its financial and leasing business in Russia, follows from the quarterly report companies.

“Siemens sold its entire financial and leasing business in Russia at the end of the fourth quarter of the 2022 financial year (ended in September – Vedomosti),” the report says.

Concern Siemens launched the withdrawal procedure from the Russian Federation in May after the start of the NWO in Ukraine. The company announced its exit from Ural Locomotives (a joint venture with Sinara), and a division of Siemens Mobility also ceases operations in Russia.

Siemens Energy, which became an independent company as a result of a corporate reorganization (spin-off) of the Siemens concern in 2020, also announced in August plans to exit the Russian market, wrote formerly Vedomosti. The company, according to its reporting, predicted a loss of about 400 million euros in revenue from operations related to Russia by the end of the financial year. Exit from Russian assets will continue until the end of 2022, transmitted November 16 Interfax.

After the start of the special operation in Ukraine, many large Western companies announced their withdrawal from the Russian market and the suspension of investments. According to Yale University, more than 1,000 companies have reported this publicly.

Subscribe on “Vedomosti” in Telegram and stay up to date with the main news of the economy and business