Revenue of Siemens could be reduced by €100-200 million due to events in Russia


RIA Novosti

Revenue of Siemens could be reduced by €100-200 million in 2017 in connection with the change of the format of the concern in Russia. This was reported in the teleconference group CEO Joe KAESER.

“We may receive less revenue from sales in the amount of €100-200 million in connection with the events in Russia”, – he said.

According to KAESER, the company has already taken measures to reduce damage.

Siemens, working in Russia for more than 160 years, has revised the format of the work in Russia, and outlined a more rigid framework for further cooperation with energy because of the situation surrounding the supply of turbines for thermal power plants in the Crimea. The company said on 21 July that all four gas turbines for the Crimean thermal power plants (TPP) was made by Siemens and was raised on the Peninsula bypass sanctions of the European Union. The company, through the court intends to achieve a return on generating equipment.

The situation has also become a cause for the initiation of Siemens inspections of Russian partners in the construction of power plants in compliance with export regulations of the EU and the temporary suspension of the supply of power according to existing contracts.

The Minister of industry and trade of Russia Denis Manturov earlier stressed that the Russian side has provided the maximum legal correctness in the use of Siemens technology in the production of turbines for thermal power plants in the Crimea. According to the Minister, Simferopol and Sevastopol TPP will be equipped with turbines of Russian production, but with the use of foreign elements. The turbines have a Russian certificate, said the Minister of trade and industry.