Jul 21, 2017

Siemens to exit Russian power joint venture

Siemens will withdraw from a Russian joint venture after discovering that four of its gas turbines were illegally shipped to Crimea. Siemens will exit the Interautimatika joint venture, in which holds a 46% stake, with the rest owned by Russian state-owned businesses TPE and Rostec. The German company said it would continue to pursue criminal charges "Against the responsible individuals" at TPE. The Reuters news agency reported on Friday that the Kremlin had declined to comment, saying it was a matter for Siemens and its Russian partners. Germany's ambassador to Russia, Rudiger von Fritsch, said: "There are all grounds to believe that if what has happened is true, Siemens was seriously deceived, and it was a violation of a contract, a serious blow to trust and a very serious blow to investments in Russia." On Friday, Siemens announced that it had also terminated a licence granted to a Russian company to manufacture equipment for power plants.

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