Siemens is closing its business in Russia, according to its final financial report for 2023, which declared it impossible to continue working in the country and announced a voluntary liquidation. Systems LLC, the Russian subsidiary of Siemens, last year had revenue of about 279 million rubles ($3 million) compared to 6.3 billion a year earlier, The Moscow Times reported on February 12, citing the financial report. There were almost no assets left on the company's balance sheet, it added. Siemens suspended new orders and supplies to Russia in March 2022 under EU sanctions imposed after Russia invaded Ukraine. To read the original story by RFE/RL's Russian Service, click here.
Germany's Siemens To Close Business In Russia
A Russian Railways Desiro train by Siemens is displayed at the Innotrans 2012 International Trade Fair for Transport and Mobility in Berlin in 2012.