Citing sanctions, Volvo announces suspension of exports to Russia

Citing sanctions, Volvo announces suspension of exports to Russia


Logo of car manufacturer Volvo (Photo: Harold Cunningham/Getty Images)

Swedish carmaker Volvo Cars said on Monday that it will suspend exports to the Russian market until further notice, becoming the first global carmaker to do so in the wake of sanctions against the company. Russia for the invasion of Ukraine.

In an emailed statement, the company said the decision was made because of “potential risks related to business with Russia, as well as sanctions imposed by the European Union and America”.

“Volvo Cars will not deliver any cars to the Russian market until further notice,” the company said.

It was not immediately clear whether the cars exported by the company to Russia are produced in Europe or China.

According to industry data, Volvo sold almost 9,000 cars in Russia in 2021.

Earlier on Monday, Swedish truck maker AB Volvo said it had suspended all production and sales in Russia due to the conflict in Ukraine.

On Sunday, BP said it was divesting its stake in Russian oil giant Rosneft in an abrupt and costly end to three decades of operations in the energy-rich country, marking the most significant move by a Western company in deal with the invasion of Ukraine. ..

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