BERLIN (Reuters) – German industrial group Siemens has seen sales in Russia plunge by about half due to the country’s economic demise, Bild am Sonntag reported, citing chief executive Joe Kaeser.
Automakers and other companies have been making cuts in Russia in response to effects of the weak rouble, which has been hammered by low oil prices, and Western sanctions imposed over Moscow’s role in the Ukraine crisis.
“What’s clear is that business in Russia has taken a strong hit in general and ours has declined by about half,” Kaeser was quoted as saying in an interview published by the newspaper on Sunday, without being more specific.
A senior Siemens source told Reuters last month the Munich-based company was on track to stick to full-year forecasts when it reports quarterly results in May, even as problems at its energy business continue to weigh on earnings.
(Reporting by Andreas Cremer; Editing by)
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