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    Western Sanctions Against Russia (737)
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    Siemens CEO Joe Kaeser claims, supporting Western sanctions against Russia is more important to the German manufacturing giant Siemens than the growth of the company.

    WASHINGTON, November 14 (Sputnik) — Supporting Western sanctions against Russia is more important to the German manufacturing giant Siemens than the growth of the company, Siemens CEO Joe Kaeser told Sputnik Friday.

    “How is the company affected? Honestly, it doesn’t matter. There’s a greater concern [than companies’ interests],” Kaeser said, commenting on the impact of Western sanctions targeting energy-related technologies on Siemens.

    “We have seen some slump,” he continued, adding that “it doesn’t matter if business is down 20 percent or 30, we do what we know is right, just as everyone else does.”

    In supporting Germany and the European Union’s sanctions program against Russia, Siemens has been “at the forefront of helping the world stay together in the unified goal to help [Russia] come to terms,” noted the company’s CEO.

    Siemens services to Russia within the energy sector will be impacted as a result of recent sanctions, Kaeser noted.

    Siemens currently provides Russia with services and products in energy, industry, infrastructure, and healthcare.

    Siemens’ total sales to Russia amounted to $2.99 billion, or nearly three percent of the company’s revenue for fiscal year 2013, as publicly reported by the company. Despite difficult phases in both German and Russian growth, the company has sustained business ties with Russia for over 160 years.

    During the past few months, the European Union, the United States and their allies have introduced several rounds of sanctions against Russia over its alleged role in the Ukrainian conflict, which Moscow has repeatedly denied.

    Starting from August 1, the United States and European Union prohibited deliveries of equipment for deep water exploration and oil extraction to Russian companies. In September the sanctions were further tightened, and providing services for such projects was also prohibited.

    Western Sanctions Against Russia (737)


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