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Russia's RDIF, Germany's Siemens sign deal on $4.5 billion rail link

Reuters
The Siemens logo is seen on a building in Siemensstadt in Berlin, Germany, October 31, 2018. REUTERS/Hannibal Hanschke/Files

MOSCOW (Reuters) - Russia's RDIF sovereign wealth fund and a unit of Germany's Siemens signed an agreement on working together on a 300 billion rouble ($4.5 billion) high-speed rail link between the Russian cities of Chelyabinsk and Yekaterinburg, RDIF said on Friday.

The deal was signed by RDIF and Siemens Mobility on the sidelines of the Munich Security Conference, RDIF said. Construction will start on the railway line in 2021, it said in a statement.

A Siemens spokesman said that the two sides had signed a non-binding memorandum of understanding on the German company becoming a technology partner for the project.

($1 = 66.5950 roubles)

(Reporting by Oksana Kobzeva and Alexander Huebner; writing by Tom Balmforth and Christian Lowe; editing by Louise Heavens)