German company Siemens announced the closure of its division in RF

The Russian division of the German technology company Siemens announced the start of the liquidation process in February 2024. The company suffered colossal losses due to sanctions against Russia and the inability to import products, Russian media reported on Monday, February 12.

Siemens AG’s Russian subsidiary, "Systems" LLC, announced its voluntary liquidation due to the "inability to continue its normal operations". The closure of the business in Russia is due to the inability to import products to Russia, according to the company’s 2023 reports

Russian media stated that in 2023 "Systems" LLC earned only 278.8 million rubles, when in 2022 the profit was 6.32 billion rubles. The Russian division of the company has almost no assets left, except for accounts receivable and money in accounts.

In addition, the German Siemens announced back in March 2022 that it would cease new orders and supplies to Russia, which negatively affected its profitability. European sanctions, which banned products import to Russia, played a significant role in the liquidation of the Russian division of the company.

It should be noted that at the end of 2023, 18 structures related to Siemens AG were registered in Russia. Most of them have already been liquidated or are in the process of liquidation. Some of them have changed their owners.

In December 2022, Simens announced that it would stop supplying Sapsan high-speed trains to Russia.