Swedish automaker Volvo Cars said on Monday it will suspend car shipments to the Russian market until further notice, becoming the first international car maker to do so as sanctions over Moscow’s invasion of Ukraine continue to bite.
In a statement provided by e-mail, 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 U.S.”
“Volvo Cars will not deliver any cars to the Russian market until further notice,” the company said.
A Volvo spokesman said the car maker 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 said it had halted all of its production and sales in Russia due to the Ukraine crisis.
German truck maker Daimler Truck also said on Monday it would freeze its business activities in Russia with immediate effect, including its co-operation with Russian truck maker Kamaz.
Volkswagen temporarily suspended deliveries of cars already in Russia to local dealerships, the RIA news agency said on Monday, citing the company’s statement.
Separately, Volkswagen decided to halt production for a few days this week at two German factories after a delay in getting parts made in Ukraine.
On Sunday, BP said it was abandoning its stake in Russian oil giant Rosneft in an abrupt and costly end to three decades of operating in Russia, marking the most significant move yet by a Western company in response to Moscow’s invasion of Ukraine.
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