Siemens Energy expects that its withdrawal from Russia will be completed by the end of the current financial year, in the fall of 2022.
This is stated in the financial report of the German company for the third quarter of fiscal year 2022 (ending June 30, 2022).
Siemens Energy (Energy) announced the start of a restructuring of its business in Russia in the third quarter, which affected its business in the gas and electricity sector and resulted in a loss of 200 million euros.
The business restructuring activities are expected to be completed by the end of the current financial year without any other significant financial implications.
The German company supplies and services gas turbines to Russia, in particular, Siemens Energy supplies turbines for the Nord Stream 1 gas pipeline (a gas pipeline from Russia to Germany along the bottom of the Baltic Sea).
After Russia launched a special operation in Ukraine, Western countries imposed sanctions against Moscow, and some Western companies announced they were withdrawing or suspending their business in Russia.
For its part, the Russian government confirmed its support for national companies affected by the sanctions and announced a set of measures to maintain financial and economic stability in the country.
Source: RIA Novosti