The chief executive of Siemens met with Vladimir Putin and made a long-term commitment to Russia, despite the attempts by the EU and the US to isolate Moscow after the takeover of Crimea.
Siemens is Germany's biggest engineering company by sales, and it supplies many of the products that Russia's still-modernising economy needs - including express trains, energy infrastructure and equipment for manufacturing automation.
Siemens said that the company remained committed to its long-term investments in Russia, emphasing that it respected the "primacy of politics".
"Dialogue is for us an essential part of long-term relationships," Joe Kaeser, chief executive, later explained to Bild newspaper.
Mr Kaeser's visit to Russia coincided with a visit by Barack Obama to Brussels where the US president reiterated the west's opposition to Russia's annexation of Crimea.
The meeting between Mr Kaeser and Mr Putin, which took place at the Russian president's residence outside Moscow, had been planned some time ago. The German chancellery had been notified beforehand, the company said.
Siemens has maintained a firm silence on the issue of possible economic sanctions and Mr Kaeser did not comment on Ukraine during his Russian trip.
Germany's business community is loudly opposed to sanctions against Russia that it fears may harm extensive business and energy ties in the country.
Germany is Russia's biggest European trade partner. Its companies have invested around €20bn in Russia and total trade between the two countries reached more than €76bn last year.
Pressure has been building on Angela Merkel, chancellor, to consider new measures against Russia in spite of the potential cost to domestic business.
Regardless of whether new sanctions are imposed, German companies are already hurting because of a sharp fall in the rouble which makes their exports more expensive. Business lobby groups say some planned investments are being put on hold.
Mr Kaeser has met Mr Putin several times since taking over from Peter Loescher last summer. He also met Alexei Miller, Gazprom chief executive, during his Russian visit, a Siemens spokesman said.
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