MOSCOW (Pakistan Point News / Sputnik - 12th May, 2022) German industrial giant Siemens announced its withdrawal from the Russian market on Thursday, saying that the conflict in Ukraine and related sanctions have already cost the company about $630 million.
"Siemens will exit the Russian market as a result of the Ukraine war. The company has started proceedings to wind down its industrial operations and all industrial business activities," the company said in a press release.
It said that the withdrawal would be "orderly" and aligned with regulatory requirements and international sanctions.
"The comprehensive international sanctions, as well as current and potential countermeasures, impact the company's business activities in Russia, particularly rail service and maintenance," the release read.
Siemens has lost 0.6 billion Euros ($630 million) in the first quarter due to Russia sanctions, according to the company's latest financial report.
Earlier in March, the corporation halted its international supplies and operations in several new projects in Russia.
Founded in 1847, Siemens is one of the largest European technology companies, providing industrial, infrastructure, transport, and health care services.