Swedish automaker Volvo Cars said on Monday it would suspend shipments of cars to the Russian market until further notice, becoming the first international automaker to do so due to sanctions imposed on Russia over its invasion of Ukraine.
In an emailed statement, the company said the decision was made due to “potential risks associated with trading material with Russia, including sanctions imposed by the EU and the US”.
“Volvo Cars will not deliver any cars to the Russian market until further notice,” the company said.
It was not immediately clear whether the cars the automaker exports to Russia are produced in Europe or China.
According to industry data, Volvo sold around 9,000 cars in Russia in 2021.
Earlier on Monday, Swedish truck maker AB Volvo said it had stopped all production and sales in Russia due to the crisis in Ukraine.
On Sunday, BP said it was ditching its stake in Russian oil giant Rosneft in an abrupt and costly end to three decades of operation in the energy-rich country, marking the most significant move ever made by a Western company in response to the Ukraine invasion. .
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