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Siemens reports €600 mln losses resulted from wind down of business in Russia

In 2022, Siemens withdrew from the Russian market and the company refused to perform contracts because of sanctions

BERLIN, December 19. /TASS/. Losses of German concern Siemens after sale of its business in Russia and termination of activities in the country amounted to €600 mln, the company said in its annual report.

The wind down of business activities in Russia resulted in losses of the company’s subsidiary Siemens Mobility, according to the report. "The orderly wind down of business activities in Russia resulted in losses in profit of Mobility of €0.6 billion in fiscal 2022," Siemens said.

It was announced last week that Siemens Mobility had filed a request with authorities for Russia-related loss compensation. Same as many other German companies, Siemens de-risked its investment in Russia using the instrument of investment guarantees from the side of the federal government.

In 2022, Siemens withdrew from the Russian market and the company refused to perform contracts because of sanctions. In February 2023, Russian Railways petitioned to collect penalty from the German company for noncompliance with the court judgment totaling 6.078 mln rubles ($75,850).