Russian auto producer GAZ sued the German carmaker for breach of contract after Volkswagen terminated the settlement in August.
(Reuters Archive)
A Russian court docket has frozen all Volkswagen belongings in Russia, court docket
paperwork seen by Reuters confirmed.
Volkswagen was one in all a string of overseas carmakers that
suspended operations in Russia after western international locations imposed
unprecedented sanctions on Moscow over the battle in Ukraine.
Russian auto producer GAZ, which was contracted to
produce Volkswagen autos at its manufacturing facility in Nizhny Novgorod,
had sued the German carmaker for breach of contract after
Volkswagen terminated the settlement in August.
GAZ estimated its losses from the terminated contract at
virtually 16 billion roubles ($207.79 million).
Volkswagen is trying to promote its flagship Russian
manufacturing facility in Kaluga, south of Moscow. The plant, which has a
capability of 225,000 autos a yr, has been furloughed since
March 2022.
Pulling out of Russia
In retaliation to Russia’s assaults on Ukraine, a listing of world corporations reduce ties with Russia to develop as sanctions towards Moscow rack up over its assaults on Ukraine.
Major multinational companies have begun pulling out of Moscow’s markets.
The pull outs poured in after a number of Western nations focused Moscow with extreme sanctions, restrictions and reduce key Russian banks from the SWIFT worldwide cost system final yr.
Among the main corporations had been Apple, Microsoft, BP, Shell, Ford, General Motors, Volkswagen, Boeing, Airbus, Lufthansa, Meta, Google, Twitter, YouTube, Sony and Netflix.
READ MORE: New automotive gross sales in Russia drop 83.5% year-on-year in May
Source: Reuters
Source: www.trtworld.com
