Quarterly figures Q2/2022Russian sanctions depress Siemens' profits
Siemens is discontinuing its business in Russia after around 170 years. The sanctions against the country reduce profits in the second quarter by around 600 million euros.
© Siemens
In the Financial Services division, earnings before income taxes were heavily impacted by charges of EUR 57 million as a result of the Russian sanctions, mainly due to very sharp increases in loan loss provisions as a result of credit rating downgrades. The investment business benefited from a revaluation gain on an investment and higher profits from the sale of investments.