20:32 GMT07 July 2020
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    Siemens official told Sputnik that losses from the halt of equipment supplies to Russia were negligible.

    BERLIN (Sputnik) — German conglomerate Siemens is still assessing damages from suspending power equipment supplies to Russian state firms on Friday but believes its losses are negligible, a Siemens official told Sputnik.

    "We are still assessing the damage but it seems to be insignificant," financial and business spokesman Philipp Encz said after Siemens announced its intent to halt power generation equipment deliveries under existing contracts to state-controlled clients in Russia.

    Siemens said earlier in the day that it renewed its offer to Russia to buy back the four turbines that it says were illegally moved to Crimea and annul the delivery contract.

    In early July, Siemens created a task force team to investigate reports about the transfers of turbines produced by Siemens Gas Turbines Technologies, a joint venture with the Russian Power Machines company, to the Crimean peninsula despite the sanctions of the European Union.

    On July 10, the company announced it had reasons to believe that at least two out of four gas turbines, supplied for a project in southern Russia's Taman, were moved to Crimea against the company's will. Siemens also filed a lawsuit in Moscow's arbitration court in connection with the alleged deliveries of its gas turbines to Crimea.

    Commenting on the issue, Russia's Technopromexport (TPE) said it purchased turbines for Crimean power plants in the secondary market, with Russian engineering companies modernizing them.


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