The technology group Siemens is reacting to the attack on Ukraine and is suspending its new business with Russia. This also applies to international deliveries, the DAX-listed company announced on Wednesday. The energy technology company Siemens Energy, which has since been spun off from Siemens, is also no longer doing any new business with Russia following the EU sanctions.

"In our business activities in and with Russia, we will of course comply with applicable law, the applicable export control guidelines and the applicable sanctions law," said the Siemens statement. However, the local service and maintenance business will continue. In recent years, Siemens has supplied trains to Russia, for example, and also concluded maintenance contracts for them.

The effects of the sanctions are still being examined. According to Siemens, business with Russia accounts for around one percent of sales. The number of employees is in the low four-digit range.

Siemens Energy has now also stopped its new business with Russia and is examining the further effects of the sanctions. "Siemens Energy supports the position of the international government coalition that has imposed sanctions against Russia," said a statement from the Managing Board to employees. The priority is to support the employees and their families on site. Siemens still holds a 35 percent stake in Siemens Energy.

The EU has imposed extensive sanctions following Russia's attack on Ukraine. In addition to the financial sector, these also affect other areas, including the energy, transport and technology sectors. The EU has also imposed export bans on certain goods and technologies. The USA has also banned the export of high-tech products to Russia, for example. The German government has also suspended Hermes guarantees, making it more difficult for German companies to do business with Russia - regardless of whether or not they are dealing with sanctioned goods or sectors.