Volvo will no longer supply new cars to Russia for the time being. The manufacturer announced this on Monday. Of course it is related to the war in Ukraine and the associated sanctions against Russia.
Volvo is the first major automaker to shut down the supply of new cars to the Russian market, reports Automotive News based on a statement from Volvo. No new Volvos are going that way until further notice. Volvo said the decision was made in light of “potential risks associated with trading with Russia, including sanctions imposed by the EU and US.”
Volvo probably fears for the financial settlement when delivering new cars. Russia is economically more and more cut off from the EU and US and the possible banning of Russia from SWIFT could also cause payments from Russia abroad to stall. In other sectors of the economy, deliveries to Russia are already being stopped because of this. Volvo is ‘lucky’ that Russia is a relatively small market for the brand. About 9,000 Volvos were sold last year.
– Thanks for information from Autoweek.nl