Siemens Energy stopping all new business in Russia

FRANKFURT (Reuters) -Siemens Energy AG is stopping all new business in Russia, it said on Wednesday, in a response to the country’s invasion of Ukraine.

“While we continue to review the extensive sanctions and their impact on our business, we have stopped all new business in Russia,” a spokesperson said.

In its last fiscal year, Russia accounted for a low single-digit percentage share of its total sales, Siemens Energy said.

Former parent Siemens on Tuesday said it had also stopped all new business with, and international deliveries to, Russia.

(Reporting by Christoph SteitzEditing by Riham Alkousaa)