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Siemens divests from Russian power firm

Siemens AG (SIEGY) said Friday that some of its gas turbines were shipped to Crimea, in violation of worldwide sanctions, but insisted that the company was not involved in the moves and would attempt to prevent them from being commissioned.When asked if he could confirm a German media report which said that President Vladimir Putin had personally guaranteed to top German politicians that the Siemens turbines would not be delivered to Crimea, Peskov also declined to comment.New gas power projects in Russian Federation would only be carried out through companies it controls, ensuring “Siemens-controlled delivery and installation” overseen by Siemens personnel, it added.Siemens added that new gas power projects in Russian Federation would only be carried out through companies it controls, ensuring “Siemens-controlled delivery and installation” overseen by its own personnel. “This behaviour represents a blatant breach of supply contracts with Siemens, trust and European Union regulations”.Siemens also confirmed its plans to sell its stake in Russian joint venture Interautomatika.Siemens said it is pressing charges against the Russian contractor, Technopromexport (TPE).”This a matter for the companies who are cooperating (with Siemens) to comment on”. Last week, a spokesman for German Chancellor Angela Merkel said the the delivery to Crimea was “remarkable and completely unacceptable”. The company had said this month that gas turbines it had delivered to Russian Federation were re-routed to Crimea, in violation both of European sanctions and a contract with the company involved.