Siemens Energy seeks to suspend all business activities in Russia, the company writes in an e-mail, according to Bloomberg News.

The company owns approximately two thirds of turbine maker Siemens Gamesa.

Moreover, Siemens Energy manufactures equipment for green hydrogen production and network solutions for the electricity sector.

Siemens Energy's share price dips by 4 percent. This comes after a surge in the wake of Russia's invasion of Ukraine. In total, the share has risen by 16 percent since last Thursday because the war spurred expectations that EU nations would increase investments in green energy solutions to become less reliant on Russian oil and gas.

EU lawmakers turn up heat on Russian gas

Shareholder: Siemens Energy should take the reins of Siemens Gamesa

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