German and Finnish firms join the list of mostly Western firms that have halted business over conflict.
Germany’s Siemens and Finnish utility Fortum will halt all business in Russia due to the war in Ukraine, the latest in a long list of mostly Western firms that have quit the country over the conflict.
Siemens has begun winding down its industrial operations and related activities in Russia, the German engineering and technology firm said on Thursday, after previously suspending new business and deliveries into the country.
Siemens’ decision will see the firm take a hit of 600 million euros ($630.18m) during the second quarter, according to the company.
“We join the international community in condemning the war in Ukraine and are focused on supporting our people and providing humanitarian aid,” Chief Executive Roland Busch said in a statement.
Siemens, which employs 3,000 people in Russia, incurred 600 million euros ($628m) in impairment
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