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International

Siemens to leave Russia due to Ukraine war, take hefty charge

10:18, Thursday, 12 May, 2022
Siemens to leave Russia due to Ukraine war, take hefty charge

Siemens (SIEGn.DE) will quit the Russian market due to the war in Ukraine, it said on Thursday, taking a 600 million euros ($630.18 million) hit to its business during the second quarter.

Siemens has become the latest company to announce losses connected with its decision to leave Russia following the invasion on Feb. 24.

Several companies from brewers Anheuser-Busch InBev (ABI.BR) and Carlsberg to sportswear maker Adidas (ADSGn.DE) to carmaker Renault and several banks have been counting the cost of suspending or withdrawing their operations in Russia.

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