Volkswagen to stop business in Russia until further notice

• Following Russia's invasion of Ukraine last week, Volkswagen (OTCPK:VWAGY -3.2%) said that it would not be doing any business in Russia until further notice.
• The automaker stated Thursday that production at its Kaluga and Nizhny Novgorod sites will be suspended with vehicles exports to Russia halted at immediate effect, according to Reuters report.
• "With the extensive interruption of business activities in Russia, the group management board is drawing the consequences from the overall situation, which is characterised by strong uncertainty," Volkswagen said.
• This war scenario is also causing supply chain disruptions to automakers as they struggle to source parts from overseas beside sanctions hindering shipments to and from Russia.
• Japan's Toyota Motor said Wednesday that it will suspend auto production in Russia, citing supply chain disruptions.

Comments

[MDN1]

What % of sales and production USSR?