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Citing sanctions, Volvo suspends car shipments to Russia -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: The Volvo logo appears on a rim in a Volvo showroom, Mexico City. REUTERS/Gustavo Graf/File Photograph

BEIJING, (Reuters) – Volvo Cars, the Swedish automaker said Monday that it would suspend Russian car shipments until further notice. This is the first time an international carmaker has done so since sanctions against Moscow for their invasion of Ukraine are still in place.

The company provided an email statement stating that the decision was made due to “potential risk associated with trading material and Russia”, including sanctions by the EU, US, etc.

The company stated that Volvo Cars would not be delivering any vehicles to Russia until further notice.

However, it was unclear if the vehicles that the automaker sells to Russia were made in Europe or China.

In Russia, Volvo is estimated to have sold about 9,000 vehicles in 2021 according to figures from the industry.

Earlier Monday, AB Volvo, a Swedish truck manufacturer said that it has stopped all production in Russia because of the Ukraine crisis.

BP (NYSE -) declared on Sunday it had sold its Russian oil giant Rosneft stake. This marked the abruptest and most costly exit from three decades in operation in Ukraine.

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