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Siemens, the German conglomerate, leaves Russia

German electronics giant Siemens is leaving Russia after around 170 years of business there, the latest in a long list of companies to pull out of the country since its invasion of Ukraine in February.

The company, which has 3,000 employees in Russia, said on Thursday it was ending all industrial operations and activities. In a joint financial statement, Siemens said in the second quarter it suffered a hit of 0.6 billion euros, or about $625 million, after Russian sanctions.

Siemens announced in March that it was suspending operations in Russia while the company analyzes “the full implication of all sanctions” that have been imposed on the country by Western governments. But at the time, he said he would continue local service and maintenance for that business.

The conglomerate is among Western companies with longstanding business ties to Russia: Siemens and Deutsche Bank have operated there since the late 19th century.

In a statement on Thursday, Roland Busch, president and CEO of Siemens, said it was “not an easy decision” to leave Russia, given the company’s responsibility to its employees in the country and of its “long-standing relationships with its customers, in a market in which we have been active for almost 170 years.


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