Siemens suspends cooperation with Russia

21.07.2017 р., 12:05

Siemens, which has accused Russian power plant builder Technopromexport (TPE) of illegally shipping gas turbines that were intended for power plants in Taman to Crimea in contravention of sanctions, will suspend shipments of generating equipment on current contracts with Russian companies controlled by the state, the German engineering giant said in a statement.

Leading Russian generating company Inter RAO is indirectly controlled by the state.Siemens also confirmed its plans to sell its stake in Russian joint venture Interautomatika.Siemens has also initiated the process of cancelling licensing agreements with Russian companies in the area of shipments of equipment for power plants.

Related News