SIEGY Siemens AG (PK)

By Olga Razumovskaya

MOSCOW--The chief executive of Siemens AG (SIE.XE) said the conglomerate will continue its long-term investments in Russia, Interfax news agency reported.

Joe Kaeser, who was meeting with President Vladimir Putin, said Siemens will continue to localize production in Russia.

Russia has been hit by sanctions from the West and excluded from the Group of Eight nations after it annexed the breakaway Ukrainian region of Crimea.

Earlier Wednesday, Mr. Kaeser met with the chief executive of Russian natural gas monopoly OAO Gazprom (GAZP.RS) Alexei Miller to discuss future cooperation.

Write to Olga Razumovskaya at olga.razumovskaya@wsj.com