WASHINGTON, Nov. 30 (Xinhua) -- The World Bank Monday announced that it has debarred Limited Liability Company Siemens (OOO Siemens), a Russian subsidiary of Siemens AG, for having engaged in fraudulent and corrupt practices in relation to a World Bank-financed project.

    "Limited Liability Company Siemens (OOO Siemens) has been debarred for four years in connection with violations committed prior to 2007," the World Bank said in a statement.

    The findings resulted from an investigation by the World Bank's Integrity Vice Presidency into fraudulent and corrupt practices under the Bank-financed "Moscow Urban Transport Project."

    This debarment followed a comprehensive settlement that was agreed between the World Bank Group and Siemens AG on July 2, 2009.

    The settlement arose out of a World Bank investigation and the company's acknowledgment of past misconduct in its global business.

    As the part of the settlement, Siemens agreed to contribute 100million dollars over the next 15 years to support anti-corruption work.