Report: Siemens sees 2017 Russian lost profit at 100-200 mln euros

MOSCOW, Aug 3 (PRIME) -- German industrial corporation Siemens AG expects a 100-200 million euro missed Russian profit in 2017 due to delivery of gas turbines to Crimea, CEO Joe Kaeser said on Thursday.

The executive also said that the company’s average annual revenue from operations in the country amounted to around 1.2 billion euros, Bloomberg news agency reported.

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

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