Siemens Reduces Russian Presence After Turbines Go to Occupied Crimea
July 21 2017 - 9:17AM
Dow Jones News
By Ulrike Dauer
FRANKFURT--Siemens AG on Friday announced measures to reduce its
presence in Russia, including its exit from joint venture
Interautomatika, after four gas turbines delivered by one of the
German company's Russian partners for a power plant project turned
up in Russian-occupied Crimea, possibly violating European Union
sanctions.
The EU imposed sanctions on Russia after its annexation of the
Black Sea peninsula from Ukraine in March 2014.
Siemens said it hasn't uncovered any indication that
export-control regulations were violated in the matter. But it said
it had has now received credible information that all four gas
turbines that IT the German engineering delivered last summer for
the Taman power plant project in southern Russia have since been
diverted to Crimea.
The diversion was "against clear contractual agreements," and
constituting a "blatant breach of Siemens' delivery contracts,
trust and EU regulations," Siemens said.
Write to Ulrike Dauer at ulrike.dauer@wsj.com
(END) Dow Jones Newswires
July 21, 2017 09:02 ET (13:02 GMT)
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