Siemens to exit Russian power-plant JV Interautomatika

German industrial group Siemens will exit its Russian power-plant joint venture Interautomatika in light of a scandal that saw four gas turbines it sold for use in Russia turn up in Crimea, a region subject to EU sanctions, it said on Friday.

"Siemens will fully divest its minority interest in the Russian company Interautomatika, which offers products and services for power-plant instrumentation and control systems," it said in a statement.

Siemens said it had now received credible information that all four of the gas turbines it delivered last year for a project in Taman, southern Russia, had been locally modified and illegally moved to Crimea.

(REUTERS)