Manufacturers

Siemens Puts New Business With Russia On Hold

Siemens Puts New Business With Russia On Hold

German-based Siemens announced it will “put all new business in and international deliveries to Russia on hold” while it evaluates sanctions against Russia for the invasion of Ukraine.

“While we continue to review the extensive sanctions and their impact on our business, we have stopped all new business in Russia,” a spokesperson told the Reuters News Service.

Siemens joins a growing list of companies that are cutting ties with Russia following the invasion one week ago. Reports show about 1% of Siemens’ total revenue comes from business in Russia, including Siemens Mobility, which makes trains and supplies software to manufacturers, and Siemens Energy, which supplies turbines to Russia. Siemens Energy was spun off from the parent company in 2020. Former Siemens Energy are facing criminal charges for allegedly using four gas turbines in Crimea, which Russia invaded in 2016. That violated sanctions related to the Crimea invasion.

Siemens has a fairly strong presence in Moscow. It has a headquarters in the capital city back in 2011 and employs more than 1,000 people there. According the to Siemens website, it has been doing business in Russia since 1852 when it provided telegraph lines.

 

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