Moscow: Siemens Energy AG said Monday it began winding down its business in Russia in the third quarter of 2022 and expected to leave the local market in this fiscal year.
"Siemens Energy started the restructuring of its business activities in Russia in the third quarter… These restructuring activities are expected to be concluded by end of this fiscal year without further significant financial impact,” it said.
The German energy company said it estimated the cost of the winddown at 200 million euros ($204 million). Net loss in fiscal year 2022 is expected to exceed the prior year’s loss "approximately by the impact from the restructuring of business in Russia."
Siemens Energy supplies and services gas turbines, including for the Nord Stream pipeline.
(With UNI/SPUTNIK inputs)