Siemens Selling Russian Venture after Crimea Turbine Scandal

GALWAY, IRELAND--August 1, 2017--Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--German engineering giant Siemens AG (NYSE:SI) (Munich, Germany) has announced that it will sell off its stake in a Russian joint venture after discovering that four gas turbines it sold for a power plant project in southern Russia had been secretly moved to a project in the contested Crimea region in Ukraine.

Within this article: Details Crimea turbine scandal, Siemens reaction, companies involved