new Delhi. After the attack on Ukraine, now Russia has also reacted to the sanctions imposed by the countries of America and Europe. Russia has banned the export of more than 200 cars and auto parts. The Russia-Ukraine conflict is affecting the auto industry not only in Russia, but around the world. With this decision, the semiconductor crisis facing auto manufacturers will deepen even further in the coming days.
Russia’s ban on the export of cars and auto parts will remain in place until the end of this year. The items removed from Russia’s export list include vehicles, telecommunications, medicine, agriculture, electric equipment and timber. Regarding this, Russia said that it has “suspended the export of a variety of timber and wood products to states taking hostile actions against Russia.”
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“These measures are a logical response to those imposed against Russia and are aimed at ensuring the smooth functioning of key sectors of the economy,” Russia’s finance ministry said.
The move comes amid Russia’s threat to nationalize all assets owned by Western companies exiting Russia. After the conflict escalated last month, several carmakers decided to stop operations in Russia. These companies include car manufacturers like Honda, Toyota, Volkswagen, General Motors, Jaguar Land Rover, Mercedes-Benz.
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Stellantis, which owns brands like Jeep, Fiat and Peugeot, also joined the list on Thursday. The company said that it has suspended the import and export of cars to Russia. Stelantis has a manufacturing plant in Kaluga, Russia, which is owned in partnership with Mitsubishi.
Hyundai, one of the major foreign carmakers in Russia recently announced that it is looking to resume production after it was halted for a while due to supply chain disruption. However, if Russia’s ban on export of cars and auto parts remains in place, it may be difficult for Hyundai to resume operations.
Tags: auto news, Autofocus, Car Bike News, Russia ukraine war
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