The German Committee on Eastern European Economic Relations opposes the withdrawal of its member Siemens AG from the Russian market.

The German Committee on Eastern European Economic Relations opposes the withdrawal of its member Siemens AG from the Russian market over the allegedly illegal transportation of its turbines to Crimea, Managing Director Michael Harms said Thursday.

“Of course we do not support this. We understand that Siemens has now suspended all projects with energy companies in Russia with state participation, this is a forced move,” Harms told reporters.

He underscored the German conglomerate’s 165-year presence in the Russian market and noted that “we are very satisfied and the Russian government is satisfied with Siemens’ actions.”

“The company is doing fantastic business there and it would be very pitiful if this prevented it,” Harms said.

The dispute surrounding the allegedly illegal move of Siemens turbines to Crimea will negatively affect other companies’ deals with Russia, Harms said.

“If there are any doubts, the firms will simply not make deals,” Michael Harms told reporters.

Harms predicted that foreign companies would be “on alert” to the unfolding developments with the German conglomerate.

“And this is one of those negative effects that have already occurred. I think that all projects that will only be close to a potential violation of sanctions will be examined even more carefully,” he said.

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