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Siemens Energy can continue maintenance of Nord Stream pipeline equipment — CEO

Siemens Energy suspended all the business operations in Russia after the start of the Russian special military operation in Ukraine, the top manager said

TASS, August 8. Siemens Energy plans to complete its withdrawal from Russian assets at the turn of the financial year of 2022 but can continue equipment maintenance for the Nord Stream pipeline, CEO of the German company Christian Bruch said at the teleconference with investors.

Siemens Energy suspended all the business operations in Russia after the start of the Russian special military operation in Ukraine, the top manager said. The company also intends to complete the process of withdrawal from its Russian assets at the turn of the current financial year.

"Nevertheless, we can continue certain current operations in Russia, for example, equipment maintenance for the Nord Stream [gas pipeline], to support stable gas deliveries to Europe," Bruch added.

Siemens Energy is the subsidiary of Germany’s Siemens AG, with its spinoff completed in 2020. Siemens Energy specializes in power generation based on gas and renewable energy sources. Siemens AG holds about 35% in the company’s share capital.