Siemens Mobility and Volkswagen Bank asked Germany to compensate for investments in Russia – Kommersant

Subsidiaries of Siemens and Volkswagen have requested compensation due to financial losses in Russia. They explained this by the use of a guarantee mechanism from the German government.

We are talking about the manufacturer of railway equipment Siemens Mobility and the Volkswagen Bank. “Like many other German companies, Siemens has secured investments in Russia by resorting to the instrument of investment guarantees from the federal government,” a representative of Siemens Mobility told DPA (quoted by FAZ). The company is in contact with the government and the audit firm PwC, which is entrusted with the implementation of investment guarantees.

A representative of Volkswagen Bank only said that the proceedings are ongoing, he did not provide other details.

Previously, the energy company Wintershall Dea (a subsidiary of BASF) submitted a similar application to the government. A representative of the German Ministry of Finance confirmed that Wintershall Dea AG took advantage of the investment guarantee mechanism. Negotiations on “possible damage scenarios” have been going on for a long time, he noted.

In total, as of mid-November, the government received 16 requests from 8 companies that decided to take advantage of investment guarantees due to projects in Russia. This was reported by the German Ministry of Economy. We are talking about an amount of €2.8 billion.

Leonid Uvarchev