As sanctions bite, Volvo suspends car shipments to Russia

lflorack · Mar 1, 2022

Full Story from Reuters Here

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."

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

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.

maggs · Mar 1, 2022

Makes sense. Plus, with the current economic+ sanctions in place, Russia's currency is worth less than glass marbles or rocks.

1morerobot · Mar 1, 2022

Good. 🇺🇦

zak · Mar 1, 2022

Think this had any influence on the decision?

Russian cargo ship seized in the English Channel

France on Saturday intercepted a Russian vessel in the English Channel in line with new EU sanctions against Moscow.

www.cnbc.com

sjacks1 · Mar 1, 2022

zak said:
Think this had any influence on the decision?

Russian cargo ship seized in the English Channel

France on Saturday intercepted a Russian vessel in the English Channel in line with new EU sanctions against Moscow.

www.cnbc.com

Maybe, in the sense that companies/groups/people are becoming more 'comfortable' with the ramping up of sanctions?

The_Vermonster · Mar 1, 2022

Very little evidence that the economic impact of Putin's actions are going to be over anytime soon. The Russian economy has taken a huge hit and I doubt the likes of Volvo and JLR would see a profit out of Russia for the next few years.

MFinMN · Mar 1, 2022

This is a logical move that will most likely be followed by lots of companies around the world. I suspect the move has less to do with support for sanctions than with concerns about getting paid for any shipments into Russia at this point. Regardless of the rationale, I consider it a good thing.

badcyclist · Mar 1, 2022

I am happy that Volvo stepped up a little ahead of the parade to do the right thing. That they did it with relatively little fanfare, self-promotion or self-congratulations is nice, too. It hurts their bottom line, of course, but they made the right call. As a longtime loyal customer, it makes me happy and proud by association that Volvo took a small stand for Ukraine and democracy.

As sanctions bite, Volvo suspends car shipments to Russia

lflorack

maggs

1morerobot

zak

Russian cargo ship seized in the English Channel

sjacks1

Russian cargo ship seized in the English Channel

The_Vermonster

MFinMN

badcyclist

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