BERLIN/MOSCOW, Jan 11 (PRIME) -- Germany’s Siemens is waiting for clarification from the Moscow Arbitration Court of its decision to turn down the suit filed by subsidiary Siemens Gas Turbine Technologies affiliate against subsidiaries of Russian state industrial corporation Rostec, Siemens’ representative Wolfram Trost told PRIME late on Wednesday.
“We are aware of the court’s decision. We will wait for the court’s clarification of the approved decision, but we still plan to take all the steps necessary to protect our interests,” he said.
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 filed claims against Rostec’s companies JSC Technopromexport and LLC Technopromexport seeking to void a delivery contract.
The sum of the deal with Siemens is unknown. According to earlier reports, Rostec’s affiliate JSC Technopromexport resold the equipment to LLC Technopromexport for 152.4 million euros.
In late 2017, the court turned down Siemens’ suit and brought the company to proceedings over the suit filed by its subsidiary against the same companies. On Wednesday, the court dismissed the claim of the subsidiary.
A Rostec representative told PRIME that the company was satisfied with the court decision, and that the case created a precedent that stipulates that it is illegal for any company to demand compliance with the U.S. and the E.U. sanctions from Russian companies on the Russian territory.
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