BEIJING (Reuters) – Swedish automaker Volvo Cars 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 the decision had been made 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.
It was not immediately clear if the cars the carmaker exports to Russia are produced in Europe or in China.
According to industry figures, Volvo sold around 9,000 cars in Russia in 2021.
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.
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 the energy-rich country, marking the most significant move yet by a Western company in response to Moscow’s invasion of Ukraine.
(Reporting by Norihiko Shirouzu; Additional reporting by Nick Carey in London; Writing by Meg Shen; Editing by David Goodman, Kirsten Donovan)
