01:53 GMT12 August 2020
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    Siemens' suspension of a power equipment supplies contract with Russian state firms on Friday is a self-penalizing move that threatens major losses for the German conglomerate, a Russian senator told Sputnik.

    MOSCOW (Sputnik) — Sergei Shatirov, the Federation Council Economic Policy Committee deputy chair, expressed the opinion that Western pressure could have forced Siemens to initiate the termination process of its license agreement with Russian companies.

    "This is a blow to the company itself, big losses and damages for it. Siemens, after all, has been on the Russian market for decades, it is very important to the company," Shatirov said.

    Last week, Siemens said it had received information from reliable sources that at least two of the four gas turbines, supplied for a project in southern Russia's Taman, had been moved to Crimea. The company said this development was a clear violation of supply contracts with Siemens, which ban the client from supplying equipment to Crimea.


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