Baltic Sea

Siemens Energy intends to withdraw from Russia by the end of September

By Giulia Petroni

Siemens Energy AG plans to withdraw from Russia by the end of September and does not expect any further major effects in the 2023 fiscal year, CEO Christian Bruch said at a press conference.

Mr Bruch said the company has already begun restructuring its operations in the country, which could involve the sale or liquidation of individual companies.

The German energy company warned that its net loss for the fiscal year ended September 30 would exceed the prior-year loss of 560 million euros ($570 million) as the company embarks on restructuring measures. These resulted in a loss of 200 million euros in the gas and power segment in the fiscal third quarter, but no further significant financial impact is expected, Siemens Energy said.

Earlier this year, the group announced it would halt all new business in Russia in response to the country’s invasion of Ukraine.

Mr Bruch also said the turbine for Nord Stream’s Portovaya compressor station, which pumps gas through the Baltic Sea to Germany, is still in Germany after maintenance work, as the company has not yet received the information it needs to return the pipeline after Russia.

Write to Giulia Petroni at [email protected]