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UKRAINE – STARTUP AND
TECHNOLOGY NEWS

Siemens to stop business in Russia

In the third month of Russia’s full-scale war against Ukraine, the German concern Siemens announced that it would exit the Russian market.

“We join the international community in condemning the war in Ukraine and are focused on supporting our people and providing humanitarian aid.

Siemens will exit the Russian market as a result of the Ukraine war. The company has started proceedings to wind down its industrial operations and all industrial business activities,” the statement reads.

The statement also said that the concern was one of the first companies to suspend all new contracts and deliveries to Russia “while it evaluated the situation to ensure the safety of its 3,000 employees in the country.”

Siemens did not mention whether it plans to lay off its staff in Russia or continue paying them for downtime (this was the way followed by many international companies, which announced their withdrawal from the Russian market earlier, in particular, Intel, Microsoft, SAP, and many others).

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