SANCTIONS AGAINST RUSSIA
Siemens rattled after turbines found in Crimea
London/Moscow/Zurich — Siemens is scrambling to reverse a transaction with a Russian partner to try to save face after gas turbines from one of the biggest German investors in Russia’s economy turned up in the annexed region of Crimea, flouting EU sanctions. At least two of four turbines manufactured by Siemens for Technopromexport for an electricity project in Taman, southwest Russia, were moved to Crimea "against our will", the Munich-based company said in a statement on Tuesday. Siemens would initiate criminal charges against the individuals involved and push for a reversal of the deal, it said. After years of cosying up to President Vladimir Putin and cementing Siemens’ position as one of the largest German investors in Russia, the maker of trains, healthcare equipment and power plants is finding how commercial relations can be soured by political tension. Company reputation Any transaction that goes against international rules could undermine the reputation of a company that le...
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