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Russian Railways to ban Siemens from initiating litigation

... from the Russian market is tough economic sanctions imposed by the European Union. The company, which stopped deliveries of new equipment to Russia and Belarus on February 24, announced in March its intention to continue servicing high-speed trains (Sapsan, Lastochka). However, on May 12, it began the process of withdrawing its property assets from the country. Experts note that the net profit of Siemens AG for January-March 2022 decreased by half. In 2021, it amounted to €2.39 billion, and this year to €1.21 billion. The reason is the write-down of assets in the transport sector. Capitalization in 2022 decreased by 29%. Now it is estimated at ...

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