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.

End

14.03.2018 13:03
 
 
Share |
To report an error select text and press Ctrl+Enter
 
 
Central Bank Official Rate
1W 1M 1Y
USD
EUR 70.6771 -0.1803 17 jul
USD 62.8129 -0.0151 17 jul
Stock Market Indices
1D 1W 1M 1Y
MICEX
rtsi 1378.18 -0.60 13:33 16 jul
micex 2746.78 -0.35 13:33 16 jul
Stock Quotes in RUR
1D 1W 1M 1Y
GAZP
gazp 237.87 -1.01 13:15 16 jul
lkoh 5152.00 -0.51 13:15 16 jul
rosn 420.00 +0.38 13:15 16 jul
sber 233.71 -0.66 13:15 16 jul
MICEX Ruble Trading
1D 1W 1M 1Y
USDTD
EURTD 70.5200 -0.3700 14:59 16 jul
USDTD 62.6575 -0.5000 17:44 16 jul