When too much is really too much? Three months after Russia's invasion of Ukraine turned out to be a sufficient argument for Siemens to definitively break down its relations with Moscow.
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The measure has run its course
Siemens' actions seem right, but in this situation one can ask whether they are a bit late? Many global concerns, in the first weeks of Russian aggression, decided to withdraw from this market, or in the worst case scenario, to severely limit their activities.
Siemens was initially in the latter group, withheld all deliveries as well as new transactions in Russia. Perhaps it was considered that a definitive withdrawal from the market would be too harsh a move, but in the face of subsequent reports of bestiality committed by the Russians, among others In Bucza or Borodianka, the delay in making the only right decision brought harm, not only financial, but also - and perhaps even more importantly - image-related.
Therefore, a longer delay was not possible and that is why after 170 years Siemens decided to terminate its activities in Russia. - We have decided to start the process of decommissioning our industrial operations in Russia - said company president Roland Busch, who is quoted by Reuters.
170 years and... it's over
- It is obvious that we condemn Russian aggression. The decision was not easy, however, due to our ties with this market dating back to the 19th century, as well as care for our employees - he added. - We will, of course, support them in the way it is possible, as well as our colleagues and partners in Ukraine, to whom we provide humanitarian aid from the very beginning - concluded Busch.
It is also worth mentioning here the losses that Siemens has already suffered in connection with the hostilities in Ukraine. The company said its net income had halved in three months to 1.21 billion euro. It was related to, inter alia, with a loss incurred precisely from operations in Russia, which amounted to over 600 million euros.
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