Siemens AG on Friday announced measures to reduce its presence in Russia, including its exit from joint venture Interautomatika, after four gas turbines delivered by one of the German company's Russian partners for a power plant project turned up in Russian-occupied Crimea, possibly violating European Union sanctions.
The EU imposed sanctions on Russia after its annexation of the Black Sea peninsula from Ukraine in March 2014.
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Siemens said it hasn't uncovered any indication that export-control regulations were violated in the matter. But it said it had has now received credible information that all four gas turbines that IT the German engineering delivered last summer for the Taman power plant project in southern Russia have since been diverted to Crimea.
The diversion was "against clear contractual agreements," and constituting a "blatant breach of Siemens' delivery contracts, trust and EU regulations," Siemens said.
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(END) Dow Jones Newswires
July 21, 2017 09:02 ET (13:02 GMT)