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The Siemens turbine is needed to operate the Russian gas pipeline North Stream (...
Economics

Siemens Energy started the process of leaving the Russian market - will cope over the quarter

By Eliza Popova
The Siemens turbine is needed to operate the Russian gas pipeline North Stream (photo: Reuters/Hannibal Hanschke) German Siemens Energy started the process of leaving the Russian market. The company plans to complete the process by the end of the financial year. German Energy Holding Siemens Energy intends to end with assets in Russia at the end of the current fiscal year. This is stated in the company's report as a result of the third quarter of the 2022 financial year.

The company has started restructuring its business activity in Russia in the third quarter of the current financial year. Company losses are already estimated at approximately 200 million euros. The company expects that withdrawal from Russia will not bring "any significant financial consequences".

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