Siemens estimated the losses resulting from the departure from Russia at 600 million euros, which correspond to the subsidiary of the German conglomerate that is dedicated to rail transport. Siemens announced that it would leave the Russian market in May 2022, after which it reported a loss in the financial quarter for the first time in several years.
The losses of the German conglomerate Siemens due to its exit from the Russian market amounted to 600 million euros, as reported by the company in its 2022 financial year report.
The Russian subsidiary Siemens Mobility, which was involved in rail transport, suffered profit losses of 600 million euros, according to the report.
Siemens announced it would exit the Russian market in May 2022. In August, the company reported its first unprofitable financial quarter in 12 years.
In October, investment group Insight bought a Siemens leasing subsidiary in Russia. The parties disclosed the amount of the transaction.
Author:
Kirill Bilyk
Source: RB
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