Siemens divests from Russian power firm

German industrial conglomerate Siemens says it would scale back its operations in RussiaMore

German industrial conglomerate Siemens says it would scale back its operations in RussiaMore

Siemens, which has its headquarters in Munich, said in the statement that it had not yet found indications that export-control regulations were violated but that it now has "credible information" that the turbines ended up in Crimea.

Siemens said it had also reviewed its licensing agreements with Russian companies associated with the matter and was reviewing potential cooperation between its subsidiaries and other entities around the world regarding deliveries to Russia.

The EU imposed sanctions on Russian Federation after its annexation of the Black Sea peninsula from Ukraine in March 2014. In violation of the European Union regulation, the Russian company had moved the two turbines to Crimea.

German industrial conglomerate Siemens said Friday it would scale back its operations in Russian Federation after confirming that gas turbines it sold to companies there had been diverted to Crimea in breach of sanctions. Siemens has a 45.7 percent stake in the business.

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The German company said it would continue to pursue criminal charges "against the responsible individuals" at TPE. A Kremlin spokesman declined to comment Friday during a regular briefing with reporters. Siemens achieved sales of 1.2 billion euros ($1.4 billion) in Russian Federation a year ago, about 2 percent of its total.

"Siemens is implementing an additional controls regime that is exceeding legal requirements by far", it said. It is also pursuing legal actions meant to halt any other deliveries to Crimea and ensure that any equipment that has already been shipped is returned to its original destination.

Interautomatika had no immediate response to a request for comment.

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