Dusseldorf The sanctions against Russia because of the Ukraine war have far-reaching economic consequences. Numerous companies have restricted their business in Russia, put it on hold or are withdrawing.
This is how the auto industry reacted to the Ukraine war
- The Swedish car manufacturer Volvo Cars will no longer deliver its cars to Russia until further notice. In 2021, Volvo sold 9,000 cars there.
- Also the American manufacturer General Motors announces an export stop to Russia. General Motors only sells around 3,000 cars a year in the Russian market and does not operate any plants there.
- Mitsubishi is considering halting production and sales of its cars as sanctions against Russia could disrupt Japanese supply chains.
- Renault has temporarily restricted its activities in Russian plants due to logistical bottlenecks. According to Citibank estimates, the French generate eight percent of their core revenues in Russia and have a majority stake in Russia’s largest automaker Avtovaz.
- The motorcycle manufacturer Harley-Davidson has stopped its business and deliveries in Russia.
- ford engine has informed its joint venture partner Sollers about the suspension of its business in Russia until further notice.
- The manufacturers of luxury cars Jaguar Land Rover and Aston-Martin pause the export of their cars to Russia. Russia and Ukraine account for less than 1 percent of Aston Martin’s sales.
How Lufthansa, Airbus & Boeing deal with the attack by Russia
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Withdrawal of banks and funds from Russia
- The Austrian Raiffeisen Bank International According to insiders, it is considering exiting the Russian market as an emergency plan if the Russian subsidiary runs out of money. RBI generated almost a third of its net profit in Russia in 2021. A spokeswoman for the institute said the RBI had no plans to withdraw from Russia.
- At the fund company DWS actively managed retail funds will not make any new investments in Russian securities for the time being.
- Union Investment suspends the issue and redemption of fund units for UniEM Eastern Europe. The fund of the investment company of the Volks- und Raiffeisenbanken had a fund volume of around 100 million euros at the end of January, around 60 percent of which was invested in Russia.
- The global bank HSBC is scaling back its cooperation with Russian banks, including Russia’s second largest bank VTB. HSBC generates only around 15 million of its $50 billion total revenue in Russia.
- The Bank Northea has suspended trading of investment funds with a high exposure to Russia.