The German concern Siemens will leave the Russian market as a result of Russia’s full-scale invasion of Ukraine, the company said in a statement.
Siemens has begun the process of terminating its manufacturing and operating activities.
Siemens recalled that after the start of the Russian war in Ukraine, the company suspended all new operations and international deliveries to the Russian Federation and Belarus. International sanctions and potential countermeasures affect the company’s activities in Russia, in particular, railway maintenance and repair.
Siemens has decided to conduct an orderly exit process from Russia, CEO Roland Bush is quoted as saying.
“We evaluate the impact on our people and will continue to support them to the best of our ability. At the same time, we provide humanitarian assistance to our colleagues and the people of Ukraine and support the calls of the world community for peace,” said the head of Siemens.
At the moment, the Siemens circuit includes, in particular, operations in the field of automation and digitalization for industry, intellectual infrastructure, transport, and distributed power systems. In 2020, the company held a spin off, as a result of which the energy division was separated into a separate Siemens Energy company (as of the end of November 2021, Siemens was the largest shareholder with a 35% share).
Thus, two separate companies are represented in the Russian Federation – Siemens and Siemens Energy.
In Russia, Siemens Energy is one of the main suppliers of power equipment. The company, in particular, owns Siemens Transformers and 65% in a joint venture with Power Machines – Siemens Gas Turbine Technologies (STGT). Siemens Gamesa, also part of Siemens Energy, is a partner of Enel Russia (MOEX: ENRU) in implementing renewable energy projects in Russia.
In addition, in Russia, Siemens and the Sinara group operate a joint venture LLC Ural Locomotives, which serially produces freight mainline DC electric locomotives with a collector traction drive 2ES6 Sinara and with an asynchronous 2ES10 Granit, as well as electric trains Lastochka “and main AC electric locomotives 2ES7.
German Chancellor Olaf Scholz, in a telephone conversation with Ukrainian President Volodymyr Zelensky on Wednesday, received information about the “current situation and the negotiation process” between Russia and Ukraine, according to a press release from the German government.
“The chancellor was informed about the current situation (in Ukraine) and about the negotiation process between Ukraine and Russia, designed to end the conflict,” the document says.
Scholz and Zelensky also discussed “concrete, practical ways” to provide further assistance to Ukraine and “agreed to remain in close contact.”
In addition, according to the document, Scholz “expressed condolences in connection with the death of the first president of independent Ukraine, Leonid Kravchuk.”
The Washington Post creates a new bureau in Kyiv , which will be headed by Isabel Khurshudyan.
Max Berak will be the chief correspondent of the Ukrainian bureau. This important step signals the publication’s long-term commitment to covering Russia’s war against Ukraine, as it will continue to be this year’s top story.
Foreign Ministers of Ukraine Dmitry Kuleba and Moldova’s Nikolai Popescu will attend the meeting of the G7 foreign ministers, which starts on Thursday in Germany, the Süddeutsche Zeitung reported on Wednesday.
“The representative of the German Foreign Ministry said on Wednesday in Berlin that the discussions near the Baltic Sea in Schleswig-Holstein will periodically join the Foreign Ministers of Ukraine Dmitry Kuleba and Moldovan Nikolay Popescu,” the newspaper writes.
The publication recalls that Germany is currently chairing the G7. At the meeting of the G7 foreign ministers, they will discuss the consequences of the situation around Ukraine, its impact on energy and food security.
Ministers will also talk about China and the situation in the Indo-Pacific region, the situation in the Middle East, Africa and Afghanistan, climate change and the coronavirus pandemic. Indonesian Foreign Minister Retno Marsudi, whose country now chairs the G20, will take part in some of the discussions.
Later, the Süddeutsche Zeitung recalls, on May 14-15, the foreign ministers of the NATO countries will gather for an informal meeting in Berlin. At the same time, the newspaper specifies, on Saturday the Foreign Ministers of Sweden and Finland, Ann Linde and Pekka Haavisto, will join the consultations.
In turn, the German Foreign Ministry noted that this format of meetings within NATO will be held for the first time, it should contribute to the development of a dialogue between the members of the alliance, a more direct and open exchange of views.
The European Bank for Reconstruction and Development (EBRD) will allow NPC Ukrenergo to change the purpose of a EUR50 million loan for emergency liquidity support, and the European Fund for Sustainable Development will provide a guarantee to cover the first losses.
“This support is part of the EUR1 billion that the EBRD plans to implement in Ukraine this year in cooperation with donors and partners,” the bank said in a press release on Wednesday.
The EBRD notes that EUR50 million will ensure a stable electricity supply in the country, whose economy was significantly negatively affected by the Russian military invasion in February.
“At a time when Ukrainians are resisting Russian aggression, it is important to ensure proper electricity supply in their country, and therefore support the critical role of Ukrenergo. We are also preparing support with the EBRD for other important areas of the Ukrainian economy, which will be provided in the coming weeks , in particular to meet the liquidity needs of the railway and pharmaceutical industries,” Valdis Dombrovskis, Executive Vice President of the European Commission, is quoted in the bank’s message.
He joined EBRD President Odile Renaud-Basso to sign a European Fund for Sustainable Development (EFSD) guarantee on the loan, which will reduce the bank’s credit risk in the current war conditions, the release said.
According to him, Ukrenergo’s support is part of a total EUR1 billion support that the EBRD plans to implement in Ukraine this year in cooperation with donors and partners. In order to meet the most urgent needs of Ukraine, the bank has identified five priority sectors of the Ukrainian economy: trade finance, energy security, vital infrastructure, food security (providing liquidity through banks for farmers for the spring planting campaign, as well as for agricultural companies and grocery retailers), and maintaining liquidity for pharmaceutical companies.
As reported, in July 2019, the EBRD agreed to provide Ukrenergo with EUR149 million to upgrade key elements of the electricity transmission infrastructure to support system stability and synchronization with European electricity grids, as well as to help Ukraine bring its legislation and operating principles in line. with the Third Energy Package of the EU. This loan has been partially disbursed.
Following a Russian-led war, the EBRD and Ukraine agreed to change the purpose of part of an existing loan for emergency liquidity support.
The EFSD is the financial mechanism of the EU’s External Investment Plan, which provides support for investment in Africa and the EU’s partner countries.
The EBRD immediately condemned the Russian invasion of Ukraine on February 24 and promised to stand with Ukraine. On April 4, the Bank’s Board of Governors voted to suspend indefinitely Russia’s and Belarus’ access to EBRD financing and technical assistance. The bank is closing its offices in these two countries. In addition to the EUR2 billion resilience package, the EBRD has pledged to help finance the recovery of Ukraine when conditions permit/
All EBRD investments in Ukraine under the resilience package for Ukraine and neighboring countries affected by the war will involve risk sharing with partners.
Parimatch Ukraine and Oleksandr Usyk make a strong appeal to Ukrainians in a new joint campaign aimed to support Ukraine
Ukrainians are new superheroes. They discover their new hidden superpowers day after day. The whole world is amazed by the bravery, resilience, and courage of the Ukrainians and admired by their unity. No matter what is happening our people create the thing that cannot be seized – the victory of a free nation.
Parimatch Ukraine, the first officially licensed betting company in our country with Ukrainian roots, and Oleksandr Usyk, the Ukrainian boxer, and heavyweight champion, made a powerful and victorious appeal to all our citizens – «Born in Ukraine – Fired up to Win».
«We know that Ukraine starts with every one of us. And everyone is doing everything possible for our common victory. Our brave soldiers fight fiercely for Ukraine, and the volunteers help 24/7 those who desperately need it. Athletes take part in charity matches for peace and join high-profile media campaigns in support of our country. We believe and bringing the victory closer together. Businesses need to keep a cool mind, balance, and responsibility to the country. We have to defend the economic and digital front». – Natalia Hilevych, Parimatch Ukraine CEO said.
Parimatch Ukraine is a Ukrainian business. The company is proud of its Ukrainian roots and strongly condemns military aggression against Ukraine. The national business duty today is to resume work, adhere to all financial obligations to the State, and keep the spirit of Ukrainians high.
Parimatch – Born in Ukraine. Fired up to win!
