The largest German equipment supplier announced the closure of business in Russia

The German company Siemens AG, one of the world’s largest suppliers of electronic equipment, is closing its business in Russia, which it has been conducting since 1853. It was then that the company’s first office was opened in the Russian Empire.

As reported by The Moscow Times, Systems LLC, which is the Russian structure of Siemens, in the final report for 2023 found it impossible to continue working in the country, in particular – the import of goods, and announced the launch of a voluntary liquidation procedure.

The publication notes that last year the revenue of LLC “Systems” amounted to about 270 million rubles against 6.3 billion a year earlier, and that there were almost no assets left on the company’s balance sheet. The reason is the sanctions introduced by the European Union against Russia after the start of its full-scale military invasion of the territory of Ukraine.

Earlier, one of the world’s largest manufacturers of automobile tires, the German company Continental AG, closed its business in Russia.

In total, since February 2022, several hundred corporations and brands have announced the closure, suspension or restriction of business in Russia. At the same time, according to the estimates of a number of economists, this is only about nine percent of the total number of foreign companies.