Siemens to quit Russia after 170 years over war

STORY: Siemens will quit the Russian market due to the war in Ukraine, taking at least a $630 million hit to its business.

The German industrial and technology group has become the latest multinational to do so, following the start of what Moscow calls its "special military operation."

Siemens employs 3,000 people in Russia, where it's been active for 170 years, initially delivering devices for the telegraph line between Moscow and St Petersburg.

Its current sites are now being ramped down.

Chief Executive Roland Busch condemned the conflict in Ukraine, describing it as a "turning point in history."

Most of the losses Siemens incurred during Q2 following Western sanctions on Russia were related to its train-making mobility business.

Further impacts are expected, mainly related to the winding-down and restructuring costs.

Siemens shares dropped 5% in early trading.

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