Siemens lost €600 million due to the termination of business in Russia – Kommersant
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The German company Siemens lost €600 million after selling its business in Russia and ceasing its activities in the country. This is stated in the reporting (.pdf) of the concern for the 2022 financial year.
According to the document, losses were caused by the Mobility division, which unites Siemens enterprises in the field of railway transportation. “The systematic curtailment of business activity in Russia led to a loss of profit for Siemens Mobility in the amount of €0.6 billion,” the report says.
In March 2022, Siemens left the Russian market due to sanctions against Russia. The concern stopped supplying products to the Russian Federation, and also suspended the contract with Russian Railways for the purchase of Sapsan aircraft. Last week Siemens Mobility and Volkswagen Bank (a subsidiary of Volkswagen) requested compensation due to financial losses in Russia. The exact amount of their requests was not given.
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