Siemens CEO meets Putin, highlights close German-Russian ties

|About: Siemens AG (SIEGY)|By:, SA News Editor

Siemens (SI) CEO Joe Kaeser handed Vladimir Putin a propaganda victory today when he met the Russian president in Moscow and talked up Germany and Russia's special economic relationship.

Siemens isn't the only company continuing to conduct business in Russia; German industry has been working in effect to establish an informal diplomatic channel in a bid to prevent an all-out economic war.

Germany is among Russia's top economic partners, with €56.3B in total trade between the two countries last year; Siemens' €2.17B in Russian sales for the fiscal year through September accounted for 2.9% of the company's total revenue.