Siemens is going to be quitting the Russian Market because of the war in Ukraine, which is taking a 600 million euros hitting to the business of the company during the second quarter of the year 2022.
The company ‘Siemens’ has now become the latest company for announcing the losses that are connected with the decision of the company for leaving Russia followed by the invasion on 24th February 2022. Most of the companies from the brewers Carlsberg and Anhesuer-Busch InBev to the maker of sportswear known as Adidas to the car producing company known as Renault and most of the banks have also been counting the cost of suspending their operations in the country of Russia.
Siemens has now started the winding decrease all of the company’s industrial operations in the country of Russia and all the industrial activities of the company as said by the engineering and technology company of Germany.
Previously, the company has also stopped the new business and deliveries into the country after the invasion of Ukraine by Russia, which Russia has been calling a special operation. Roland Busch, chief executive of Roland Busch said that, they have joined the international community in condemning the war in Ukraine and are focused on supporting their people and also providing the humanitarian aid.
He also said that, today, they have also announced their decision for the purpose of carrying out an orderly process to reduce the company’s industrial business activities in the country of Russia.