German industrial group Siemens has seen sales in Russia plunge by about half due to the country’s economic demise.
IT companies and other Western outfits 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.
Kaeser said that business in Russia has taken a strong hit in general and Siemen’s has declined by about half.
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.
The Russian government has been pushing homemade technology products to make up for the lack of western interest.
Tsar Putin’s political chums made a big thing of banning Apple products, even though Russia has never been a big market for Jobs’ Mob, on the pretext of Apple CEO Tim Cook’s pro-gay stance.