Court upholds cancellation of Siemens’s turbine arrest claim - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Court upholds cancellation of Siemens’s turbine arrest claim

MOSCOW, Mar 14 (PRIME) -- The Ninth Arbitration Court of Appeals upheld on Wednesday an earlier court decision to turn down a claim by a Russian affiliate of Siemens to arrest four turbines sent to Crimea.

Siemens said in July 2017 that all the four turbines meant to be used on a Russian power plant on the Taman Peninsula were illegally shipped to Crimea, forcing it to cancel its licensing agreements to sell power equipment to Russian firms and suspend the current agreements with state-run companies.

Later Siemens and its Russian affiliate Siemens Gas Turbine Technologies filed claims against subsidiaries of Russian industrial holding Rostec, JSC Technopromexport and LLC Technopromexport, seeking to void the delivery contract. The case was dismissed by the Moscow Arbitration Court on January 10, Siemens contested the decision and the hearing of this claim is scheduled for April 9.

The sum of the deal is unknown. According to earlier reports, Rostec’s affiliate JSC Technopromexport resold the equipment to LLC Technopromexport for 152.4 million euros.


14.03.2018 13:03
Share |
To report an error select text and press Ctrl+Enter
Central Bank Official Rate
1W 1M 1Y
EUR 70.9373 -0.3018 20 sep
USD 64.2199 -0.2091 20 sep
Stock Market Indices
1D 1W 1M 1Y
rtsi 1376.56 -0.11 10:53 20 sep
micex 2788.26 -0.23 10:53 20 sep
Stock Quotes in RUR
1D 1W 1M 1Y
gazp 229.78 -0.32 10:34 20 sep
lkoh 5384.00 -0.13 10:34 20 sep
rosn 426.10 -0.21 10:34 20 sep
sber 233.59 -0.59 10:34 20 sep
MICEX Ruble Trading
1D 1W 1M 1Y
EURTD 70.7300 -0.2400 14:59 20 sep
USDTD 63.8250 -0.3750 17:44 20 sep