Ukraine Invasion: Volkswagen Stops Business With Russia

Hamilton Nwosa
Writer

Ad

Ranked: U.S. Crude Oil Imports by Country

Key Takeaways In 2024, 61.7% of America’s crude oil imports were from Canada. Meanwhile, Mexico accounted for 7.1% of crude oil imports. Crude imports make up about 40% of the oil that is refined in America, much of which is heavier crude compared to America’s light oil. For decades, America was a net importer of…

Alleged N85 Billion Nigeria Air fraud: Ex-Minister Sirika Debunks Allegations

By Abiola Olawale The immediate-past Minister of Aviation, Hadi Sirika has spoken on the controversies surrounding the Nigeria Air project, a national carrier initiative that sparked widespread criticism. Speaking during an interview with Channels TV on Wednesday, Sirika dismissed claims of fraud and mismanagement. Sirika, during the interview rejected allegations of fraud, claiming that Nigeria…

Alphabet surges after court rejects DOJ’s call to break up Google in antitrust case

By Obinna Uballa Alphabet shares jumped 6% in premarket trading on Wednesday after a United States court rejected the Department of Justice’s (DOJ) push to break up Google in a high-stakes antitrust case. The DOJ had proposed divesting Google’s Chrome browser and imposing strict restrictions after the company was found last year to hold an…

Ad

German car giant, Volkswagen (VW) said it would stop its vehicle production in Russia “until further notice” and “immediately” halt exports to Russia in light of the attack on Ukraine.

VW operated its own car production sites in Kaluga, south-west of Moscow and Nizhny Novgorod, further east.

The company on Thursday, announced that production at both sites would be stopped for the time being.

No cars from among the VW Group brands, including Audi, Porsche and Skoda would be exported to Russia, it said in a statement.

On Wednesday, luxury carmaker Mercedes-Benz said it was halting business with Russia.

Selling to or buying from Russian companies had become far harder in the days since the Kremlin launched its invasion due to sanctions imposed by the international community.

German carmakers had been particularly hard hit and the conflict had affected for example the provision of wiring harnesses from Ukraine that relayed information and electric power around a vehicle.

Several car manufacturers had announced temporarily halts in production at some of their German sites in the past two days.

It is not only German carmakers that have been affected by the conflict.

Toyota on Thursday said it would suspend production at its St Petersburg plant from Friday due to supply chain disruptions, the plant manufactures RAV4 and Camry models, mainly for the Russian market.

The carmaker said it had already stopped all activities in Ukraine as of February 24.

International sanctions prompted a number of key global companies to announce that they were winding down or reducing business with Russia.

These include among many others Boeing, Apple, ExxonMobil and shipping company Maersk.

Music and podcast streamer Spotify said it was closing its offices in Russia but it would continue to make its services available in Russia “to allow for the global flow of information.” (dpa/NAN)

 

Ad

X whatsapp