Siemens Energy is ending its Russian business under circumstances that are just as dubious as they began. This means that there is always a back door.
Bernd Ziesemer
Siemens Energy is “continuing to work on its resilience” – this is how Christian Bruch introduced a message from faraway Russia at the last balance sheet press conference in mid-November. She was largely lost in the abundance of reports that day. In his speech, the CEO mentioned the sale of the majority stake in the joint venture Siemens Gas Turbine Technologies (SGTT) in Saint Petersburg. Bruch said nothing about the buyer.
And indeed there is no reason to brag about the contractual partner: as a monopolist for electricity exports, the energy company Inter RAO UES has long been one of the most willing political tools of Russian President Vladimir Putin.
Source: Stern
