MUNICH, GERMANY: Siemens said this week that it will exit the Russian market amid the war in Ukraine.
The company said in a statement that it has started proceedings to wind down both industrial operations and all industrial business activities in Russia.
According to its fiscal Q2 earnings report. Siemens took a hit of $625 million due to Russian sanctions, which particularly affected rail service and maintenance, the company said in a statement.
A Siemens representative could not be reached for additional comment.
Siemens previously halted all new business in and international deliveries to Russia to evaluate the situation and ensure employee safety.
Former company head of group communications Clarissa Haller recently left Siemens to join Dynamics Group in Zurich.
In all, almost 1,000 companies have suspended or curtailed operations in Russia since the invasion of Ukraine began in late February, according to Yale University’s School of Management.