Siemens has strengthened its business ties with Russia, agreeing to participate in the Skolkovo innovation project and signing contracts with RZD, RusHydro and Rostechnology on Thursday. Against a  backdrop of a meeting between President Medvedev and German Chancellor Angela Merkel in Ekaterinburg, Skolkovo Foundation President Viktor Vekselberg and Siemens CEO Peter Loescher signed a memorandum of understanding.