German electronics giant Siemens is exiting Russia after some 170 years of activity there, the latest in a long list of companies withdraw from the country after the invasion of Ukraine in February.
The company, which has 3,000 employees in Russia, said Thursday it was closing all its industrial and commercial operations. In an accompanying financial statement, Siemens said it suffered a hit of 0.6 billion euros, or about $ 625 million, in its second quarter after Russian sanctions.
Siemens announced in March that it would suspend its operations in Russia as the company analyzed “all the implications of all sanctions” that had 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 has been among Western companies for a long time trade links with Russia: Both Siemens and Deutsche Bank have been operating there since the late 19th century.