Volvo trucks hauling out of Russia

Volvo trucks hauling out of Russia

Swedish truck maker AB Volvo has stopped all production and sales in Russia due to sanctions over Moscow’s military operation in Ukraine, the company announced on Monday.

Spokesman Klaas Eliasson told Swedish state broadcaster SVT that the company does not “have conditions for work in Russia, taking into account the imposed sanctions.” He noted that “there is no boycott of Russia as a nation.”

The measure becomes effective immediately and applies to all deliveries of materials and components to Russia. The decision to stop production in Russia comes after one of AB Volvo's major component subcontractors, Nordiq, decided last week to stop deliveries to the country.

Volvo Group generates roughly 3% of its sales in Russia and has one factory in the country.

On Monday, German carmaker Volkswagen temporarily halted deliveries of cars already in Russia to local dealerships, media reported, citing the company's statement. The automaker was also forced to suspend production at two of its German factories this week due to a delay in parts deliveries from Ukraine.

Meanwhile, Russian media reports that at least 20 carmakers have raised prices for cars in the country in February – eight of them within the past week, following the decline of the Russian ruble in the face of Ukraine-related sanctions. The price increase affected Citroen, Mazda, Hyundai, Infiniti, Opel, Peugeot, Renault, and Mercedes-Benz. The head of the Avtostat analytical agency, Sergey Tselikov, recently warned that a number of brands would soon disappear from Russia entirely, while “the car market will be reoriented towards China and Korea.”

For more stories on economy & finance visit RT's business section

Source: www.rt.com

The last notes - Экономика

most read news

#Экономика

The US has held ‘encouraging’ talks with India about a price cap on Russian oil that Washington wants to introduce in order to limit Moscow’s revenues and push down global crude prices, Reuters
подробнее...

The EU is planning to increase liquefied natural gas (LNG) imports from Nigeria amid concerns that supply from Russia may be cut, according to the deputy director general of the European Commission’s
подробнее...

France has announced a takeover bid to gain full control of the country’s largest energy utility, EDF.The government has made an offer of €9.7 billion ($9.9 billion) to nationalize electricity
подробнее...

The business climate has substantially worsened in Germany, with industries feeling increasingly concerned about the coming months, according to a survey by a German think tank released on Monday.
подробнее...

The Ukrainian government has moved to delay payments on foreign debt for two years, the country’s media reported on Wednesday. The restructuring will have to be approved by the creditors first, the
подробнее...

Twitter operated at a loss in the second quarter and suffered a decline in revenue from a year earlier, reflecting struggles that the company blamed partly on its pending sale to billionaire Elon
подробнее...

The Chinese currency the yuan outperformed the euro by trading volume on the Moscow Exchange (MOEX) for the first time on record, trading data from Friday shows.According to the data, the trading
подробнее...

Russia will resume natural gas deliveries via the Nord Stream 1 pipeline as scheduled, once annual maintenance work is completed on Thursday, Reuters has reported, citing its sources.The
подробнее...

Cargo shipments via Russia’s Northern Sea Route in the first half of this year were 5% higher than in the same period of 2021, Russian Deputy Prime Minister Alexander Novak said on Monday.“In 2021,
подробнее...

The German government and energy major Uniper are reportedly nearing an agreement under which the state will inject more than €5 billion ($5.1bn) into the business. The total commitment is likely to
подробнее...

Russian energy major Gazprom will stop the operation of second Siemens turbine, the company announced on Monday. As a result supply through the Nord Stream 1 pipeline will not exceed 33 million cubic
подробнее...

Ukraine’s state-run energy company Naftogaz has defaulted on its foreign debt, the firm announced on Tuesday.Naftogaz was unable to make payments on Eurobonds before a grace period expired, the
подробнее...

The Russian Finance Ministry has announced a return to the public debt market by issuing a limited amount of OFZs, ruble-denominated sovereign bonds, in September, Deputy Finance Minister Timur
подробнее...

Germany may face shortages of such staples as toilet paper and cardboard if Russian gas supply dwindles in the coming months, German outlet Zeit Online reported on Wednesday.Operating paper plants may
подробнее...

Russia’s military operation in Ukraine and the subsequent Western sanctions on Moscow might push the global economy into geopolitical fragmentation, the IMF warned in a report published on July 26.“A
подробнее...

The EU has blocked a proposal to impose sanctions on Russian titanium producer VSMPO-AVISMA, the Wall Street Journal (WSJ) reported on Thursday.According to the report, the decision was made after
подробнее...

EU energy ministers have agreed on an unprecedented plan that will see member states voluntarily slash their gas consumption by 15% from August until next spring. The deal does come with exemptions
подробнее...

China’s C919 narrow-body jet, the country’s first domestically designed commercial passenger aircraft, is nearing certification, having successfully passed test-flight tasks, state-owned manufacturer
подробнее...