9 Mar 2022 10:37

GE suspends operations in Russia, but to continue supporting existing power services

MOSCOW. March 9 (Interfax) - General Electric is suspending operations in Russia, with the exception of providing essential medical equipment and supporting existing power services in the region, the U.S. conglomerate announced on Twitter on Tuesday.

GE power equipment is installed at Unipro's Shaturskaya GRES power plant and at the Taishet Aluminum Smelter, among other facilities.

Russian power company Inter RAO planned to set up production of large-capacity gas turbines in Russia under a license from GE as part of a joint venture with the U.S. company called Russian Gas Turbines. Under an agreement between the two companies, RGT secured exclusive rights to manufacture and service the turbines for 25 years.

Inter RAO said earlier that it had an option to buy GE's stake in this venture. RGT reported in its financial statements for last year that it expected to achieve 90% localization in 2027 at the earliest. RGT also manufactures small gas turbines (about 80 MW) using GE technology.

In healthcare, GE agreed with Rusatom Healthcare to localize production of three models of MRI machines in Russia.

GE said earlier that it would donate $4.5 million to Ukraine and neighboring countries affected by the conflict in Ukraine, including $500,000 in cash and $4 million in medical equipment.