Siemens to cease operations in Russia

Siemens AG's Systems LLC (formerly known as Siemens LLC) plans to initiate voluntary liquidation proceedings in February 2024. The reason for this decision was the inability to continue the usual activities related to the import of goods to Russia. This information was disclosed in the company's 2023 report.

In 2023, Systems' profit amounted to 278.8 million rubles (about $3 million), up from 6.32 billion rubles ($66 million) in the previous year. In addition, the net loss amounted to 279.6 million rubles.

It is noted that the company's balance sheet has virtually no assets left, except for accounts receivable and cash on accounts, which amounted to 843.6 million rubles.

Siemens AG began its operations in Russia in the mid-nineteenth century, and cooperation with the country continued uninterrupted, even during the Soviet era. As of the end of 2023, 18 structures related to Siemens AG were registered in Russia. Some of them have already been liquidated or are in the process of liquidation, while others have changed owners.

Siemens AG is active in various fields, including automation and digitalization for industry, smart infrastructure, transportation, and distributed energy systems.