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Siemens is divesting its business in Russia

Photo: dpa

The revenue of Systems LLC last year amounted to 278.8 million rubles compared to 6.32 billion rubles in 2022.

The Russian structure of Siemens AG Systems LLC (formerly Siemens LLC) plans to initiate a voluntary liquidation procedure in February 2024. This is confirmed by the company’s report on the results of 2023, the report of the pro-government news agency of Russia. Interfax.

The reason is the inability to continue their normal activities related to the import of goods to the Russian Federation. In 2023, Systems LLC’s revenue will reach 278.8 million rubles (over $3 million) compared to 6.32 billion rubles ($66 million) last year. Net loss – 279.6 million rubles.

“There are almost no assets left on the company’s balance sheet, except for accounts receivable and cash on accounts (in the amount of 843.6 million rubles)… Due to EU sanctions against Russia, Siemens AG has suspended the new order and delivery to Russia in March 2022 country,” the statement said.

Siemens began working in Russia in the mid-19th century; cooperation did not stop even during the Soviet era.

By the end of 2023, there will be 18 structures associated with Siemens AG in Russia. Currently, some of them have been liquidated or are in the process of liquidation, while others have changed owners.

Siemens AG is engaged in operations in the field of automation and digitalization for industry, smart infrastructure, transportation, power distribution systems.

We remind you that the German supplier of business applications SAP has warned that from March 20 it will close access to its cloud services to clients from Russia.

We added that parent company Yandex NV has reached a deal worth about $5.2 billion to sell its Russian business, including Russia’s most popular search engine.

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Source: korrespondent

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