Siemens announces Russian exit

German manufacturing group Siemens announced on May 12 it was exiting the Russian market in response to Moscow's invasion, warning it would book a €600mn ($630mn) impairment charge in its second-quarter results as a consequence.

Siemens already halted all new business and international deliveries to Russia and Belarus after the outbreak of war. It has now started proceedings to wind down all its industrial business activities in the country.

The German company has been active in Russia for 170 years, and works in various sectors of the country's economy, including in energy.