Germany: Together with other German industrial companies, the manufacturer has submitted relevant applications to its government.
According to Siemens Mobility, the company had previously secured its investments in Russia with investment guarantees from the German authorities. The programme was completed in 2022, after the start of the conflict in Ukraine.
The company stresses its intention to recover the funds corresponding to the investments it made in Russia between 2006 and 2016. Siemens Mobility is now in negotiations with the German Cabinet of Ministers, with the participation of PwC, the auditors appointed to enforce the investment guarantees. No further information was disclosed.
Siemens announced its withdrawal from the Russian market in May 2022. Since then, Russian courts have upheld claims by its main rolling stock customer, Russian Railways. The company was fined RUB 36.7 mln ($0.4 mln) and RUB 16.1 mln ($0.18 mln) per day respectively for failing to fulfil maintenance contracts for Lastochka and Sapsan EMUs. The court also confirmed Russian Railways’ right to RUB 6 mln ($0.07 mln) per day after Siemens breached a contract for the delivery of a new batch of the Sapsans. To date, none of the company’s appeals have been successful.
