Siemens AG President and CEO Joe Kaeser said that the company plans to continue its cooperation with Russia despite sanctions imposed on Moscow.
German corporate giant Siemens AG plans to continue its cooperation with Russia despite sanctions imposed on Moscow over the Ukrainian conflict, Siemens AG President and CEO Joe Kaeser said on the sidelines of an international energy conference in Houston, Texas, Sputnik reports.
Kaeser underscored that Siemens has been in Russia for more than 100 years, and has strong ties with government and industry.
With that local protection we can help to keep the economy going. But we also need to adhere to political primacy of what we have to follow,” he said.
He also stressed that Siemens AG will not reduce its investments into a joint railways project with Russian mechanical engineering company Sinara in Yekaterinburg, Russia.
“There is no plan to decrease investments [in Russia]. We still have good relationship. We build the trains and the locomotives in Yekaterinburg together with Sinara, so we are there,” Kaeser said.
Kaeser noted that the Russian Railways has been affected by the anti-Russian sanctions imposed over the conflict in Ukraine.
“The ticket prices have been frozen so they can not secure the inflation, which is about 9 to 10 percent every year, so they need to push out the orders a little bit,” he explained.
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