According to foreign media reports, following the previous suspension of all new business in Russia and Belarus, Siemens CEO Roland Busch recently revealed that the company's existing long-term service and maintenance business in Russia will also be terminated.
Busch said the move would mean the end of Siemens' presence in the Russian market, which has been in place since 1852. As the company's products play a key role in industrial control in rail transit, electricity, oil and gas, Siemens' complete withdrawal could exacerbate Russia's economic difficulties.
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