German conglomerate Siemens said that it will pull out from the Russian market in response to the country’s ongoing war against Ukraine.

Siemens stated that it has begun proceedings to shut down its industrial operations as well as all industrial business activities.

The German group plans to report the financial impact of its move as part of the regular disclosure in its Q2 2022 results.

Following the start of the Russian war on Ukraine, Siemens had placed a hold on all new business and international deliveries to Russia and Belarus.

The group said that the comprehensive international sanctions along with the present and possible countermeasures affect its business activities in Russia, especially rail service and maintenance.

Roland Busch — Siemens President and CEO said: “We condemn the war in Ukraine and have decided to carry out an orderly process to wind down our industrial business activities in Russia. This was not an easy decision, given our duty of care for our employees and long-standing customer relationships, in a market where we have been active for almost 170 years.

“We are evaluating the impact on our people and we will continue to support them to the best of our abilities. At the same time, we provide humanitarian assistance to our colleagues and the people of Ukraine and stand with the international community in calling for peace.”

Siemens said that it will handle the orderly process of winding down its operations in Russia in line with regulatory needs and global sanctions.

The German conglomerate said that earlier this month, Siemens Healthineers had informed on its activities pertaining to Russia as part of its second quarter disclosure.

  Belarus, Russia, Siemens, Siemens Healthineers, Ukraine