Rolls-Royce, Porsche, Volkswagen, BMW, here are the lists of automakers that have suspended shipment of vehicles to Russia.
As part of Western sanctions,
many Russian banks have been kicked out of the Society for Worldwide Interbank Financial Telecommunication (SWIFT), following its invasion of Ukraine last week.
The SWIFT is a Belgian cooperative society providing services related to the execution of financial transactions and payments between banks worldwide.
As a result, car dealers or buyers in Russia can’t buy foreign cars and foreign companies couldn’t sell them. These developments have forced companies, including many automakers, to limit, halt or fully exit business activities in Russia.
Here are automakers that have decided to pull back operations, including the shipment of vehicles to Russia, so far :
Volvo Group was the first international automaker to suspend car shipments to Russia. The company generates about 3% of its sales from Russian buyers.
In a statement, Volvo said the move was because of “potential risks associated with trading material with Russia, including the sanctions imposed by the EU and U.S.”
Rolls-Royce Motor Cars also suspended the shipment of its luxury cars to Russia in the wake of the Ukraine war
The company is also supporting the affected people with immediate contribution to International Relief ORGANISATION, the UN.
German car company, BMW Group, on Tuesday said it would stop production in Russia due to the expected supply bottlenecks.
The company, which owns British luxury marque, Rolls-Royce Motor Cars, also said it has halted its export to Russia.
U.S. bike company, Harley-Davidson, on Tuesday halted business and shipments of motorcycles to Russia.
Russian President Vladimir Putin has been photographed riding Harley-Davidson bikes. Putin, along with his friends, joined a gathering of bikers in Ukraine in 2010.
Jaguar Land Rover (JLR)
India Tata-Group owned British luxury marque, Jaguar Land Rover (JLR), have also paused vehicle shipments of its vehicles to Russia due to trading challenges.
Last year, JLR sold 6,900 vehicles to Russia, which makes up less than 2% of its global sales.
Porsche, just like its parent company, the Volkswagen Group, said it would cease vehicle exports to Russia immediately.
“Due to the current situation, Porsche has stopped the delivery of its vehicles to Russia with immediate effect.”
British luxury marque Aston Martin has also suspended deliveries to Russia. The company said that Russia and Ukraine together make up 1% of global sales.
Volkswagen Group, on Thursday, said it would cease vehicle exports to Russia immediately. The Russian Unit of Volkswagen has also temporarily suspended car deliveries to dealers until the sanctions imposed by the European Union and the United States are clarified.
General Motors (GM) on Monday said that it will suspend all vehicle exports to Russia until further notice. GM doesn’t have any plants in Russia, but the U.S. automaker sells about 3,000 vehicles annually in the country.
Japanese company Honda Motor also said it will stop exporting cars, motorcycles, and other products to Russia.
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