BEIJING, Feb 28 (Reuters) – Swedish automaker Volvo Cars (VOLCARb.ST) said on Monday it will suspend car shipments to the Russian market until further notice, becoming the first international carmaker to do so as sanctions over Moscow’s invasion of Ukraine continue to bite.
In a statement provided by email, the company said it had made the decision because of “potential risks associated with trading material with Russia, including the sanctions imposed by the EU and US.”
A Volvo spokesman said the carmaker exports vehicles to Russia from plants in Sweden, China and the United States.
Volvo sold around 9,000 cars in Russia in 2021, based on industry data.
Earlier on Monday, Swedish truck maker AB Volvo (VOLVb.ST) said it had halted all of its production and sales in Russia due to the Ukraine crisis. read more
Last week several companies, including automakers Volkswagen (VOWG_p.DE) and Renault (RENA.PA) and tire maker Nokian Tyres (TYRES.HE) outlined plans to shut or shift manufacturing operations following Russia’s invasion of Ukraine. read more
