The German industrial and technology group Siemens AG says it will fully stop operations and leave the Russian market over Moscow’s invasion of Ukraine, the latest blow to an economy already ravaged by international sanctions and the exodus of hundreds of firms.

In a statement on May 12, the multinational firm said it “has started proceedings to wind down its industrial operations and all industrial business activities” in Russia.

“We condemn the war in Ukraine and have decided to carry out an orderly process to wind down our industrial business activities in Russia. This was not an easy decision, given our duty of care for our employees and long-standing customer relationships, in a market where we have been active for almost 170 years,” President and CEO Ronald Busch said, adding, “we provide humanitarian assistance to our colleagues and the people of Ukraine and stand with the international community in calling for peace.”

Since Moscow launched its unprovoked invasion of Ukraine on February 24, hundreds of companies from around the world and across all sectors have halted operations in Russia or pulled out of the country completely.

Siemens had already suspended all new business in Russia and Belarus, which has provided the Kremlin with support during the war.

In Russia, Siemens produced household appliances and electronics. It also produced Lastochka (Swallow) electric trains and freight electric locomotives in a joint venture with the Ural Locomotives railway engineering company, and provided technical support to Russian-made Sapsan high-speed electric express trains.

“The business will manage the orderly process to wind down its activities in line with regulatory requirements and international sanctions,” Siemens said.