Siemens to exit Russian market

Siemens to exit Russian market

German industrial conglomerate Siemens has announced on Thursday it would pull out of the Russian market as a result of the war on Ukraine, Qazet.az reports.

"We will exit Russia with an orderly ramp down of activities," a statement posted on the firm's Twitter account.

The company had earlier announced in March it would halt all new business and international deliveries to Russia, but would continue local service and maintenance-related activities while ensuring "strict adherence to sanctions."

But the firm said in a press statement on Thursday that "comprehensive international sanctions ... impact the company’s business activities in Russia, particularly rail service and maintenance."