“Siemens” Left Russia

by Olha Povaliaieva
Friday, November 18, 2022
“Siemens” Left Russia

The company has sold the business in Russia and left the market

The German electrical and electronics industry refused to remain in the territory of the aggressor country. The procedure of exit from the Russian market was started in May. On November 17, Siemens completely left Russia.

According to the documents, the group broke off all relations with the aggressor by the end of the IV quarter of 2022. As of September 30, Russian representatives have bought the entire leasing and financial market. Siemens calculated in advance the loss from such an operation. The company predicted a loss of about €400 million due to the withdrawal from Russia. But the leadership continued to break up subsidiaries. Thus, the Russian Ural locomotive, Siemens mobility division, was deprived of German development. Of course, the Russians will not be able to buy new company developments. In Russia, only previously imported products remain.

Yale university reports that in addition to Siemens, more than 1.000 foreign companies announced their withdrawal from the aggressor market in the first nine months of the war. Including Dell and Halliburton

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