Siemens continues to work successfully with Russia’s Power Machines in the framework of the joint venture, Siemens Gas Turbine Technologies, the German engineering concern’s Russia chief, Dietrich Moeller, told reporters.
The owner of Power Machines, Alexei Mordashov, had told Reuters in an interview that his company would probably have to pull out of the joint venture.
“We heard about that, but in actual fact we have a good team spirit with Power Machines and we continue this successful work,” Moeller said.
Power Machines was hit by American sanctions in January this year. According to the 50 percent + rule, sanctions-related restrictions apply to all companies in which a person or entity on the SDN List has a controlling stake. Power Machines owns 65 percent of Siemens Gas Turbine Technologies.
