FX.co ★ Siemens to pull out of Russia

The list of Western companies leaving Russia is getting longer with every day. This time, German giant Siemens announced it would exit the Russian market. The first light bulb that appeared in Russia was invented by Germans. In 1888, Siemens & Halske built the first power plant in Moscow. The first tram in the country was running on electric motors designed and manufactured at the Siemens factories in Russia. Moreover, Siemens participated in a tender for building Moscow’s metro. This business relationship started back in 1851 when the company delivered 75 pointer telegraphs to Russia, thus laying the groundwork for close cooperation which continued until 2022. Due to the conflict in Ukraine, Siemens has made a tough decision to leave the country. “Today, we announced our decision to carry out an orderly process to wind down our industrial business activities in Russia,” the official statement says. The company was among the first to stop all operations and deliveries to Russia while it was evaluating the risks to ensure the safety of its 3,000 employees working in the country. Notably, Siemens operated in Russia even during the February Revolution and the Cold War. It expanded its presence in Moscow and other regions after the end of the Soviet Union. In 2011, Siemens opened new headquarters in Moscow. However, the company could not put up with the Russian aggression in Ukraine and had to end the relationship that lasted for more than a century. In 2018, the corporation celebrated its 165th anniversary of operation in Russia.