BERLIN, December 19th. /TASS/. The losses of the German group Siemens after the sale of its business in Russia and the cessation of activities in the country amounted to 600 million euros, the company said in its annual report.
According to the report, the cessation of business activities in Russia led to losses at the Siemens Mobility subsidiary. "The orderly winding down of business activities in Russia led to Mobility's profit losses of 0.6 billion euros in the 2022 financial year," said Siemens.
Last week it was announced that Siemens Mobility had submitted a request to the authorities for damages related to Russia. Like many other German companies, Siemens has reduced the risk of its investments in Russia through the instrument of investment guarantees from the federal government.
In 2022, Siemens withdrew from the Russian market and the company refused to fulfill the contract due to sanctions. In February 2023, Russian Railways filed a motion to demand a penalty totaling 6.078 million rubles ($75,850) from the German company for non-compliance with the court ruling.
ТАСС December 19, 2023, 10:04 a.m. MSK