German’s energy company Siemens Energy has announced the start of withdrawing from Russian assets, which it plans to complete by this autumn, according to a statement released on Monday.
“Siemens Energy started the restructuring of its business activities in Russia in the third quarter which burdened the result of GP by €0.2bn, reported as strategic portfolio decisions under special items. These restructuring activities are expected to be concluded by end of this fiscal year without further significant financial impact,” the statement said.
Siemens Energy is a subsidiary of German’s concern Siemens AG, separated from it in 2020. Siemens Energy focuses on power generation based on gas and renewable sources of energy. Siemens AG owns around 35% of the company’s share capital.