Image

Photo for illustrative purposes only.

PHOTO BY SUPPLIED


Mercedes-Benz withdraws all businesses from Russia

Following the invasion of Ukraine in February, Mercedes has become the latest Western corporation to withdraw from Russia.

In early March, the German-based company ceased manufacturing and exporting to the country.

However, it has announced that it will exit the Russian market and sell stakes in its subsidiaries to a local investor.

Meanwhile, Ford confirmed Wednesday that it had finalized a deal to exit the Russian market.

In March, the company announced a complete shutdown of its operations in Russia.

It has now sold its 49% ownership in the Sollers-Ford joint venture, but it has the option to repurchase the shares within five years “should the global situation change.”

Nissan of Japan left Russia earlier this month after Toyota and Renault.

Mercedes’ chief financial officer, Harald Wilhelm, stated that the company’s exit from Russia is not expected to impact profits significantly.

The decision follows the withdrawal of many Western corporations from Russia earlier this year, including Starbucks, McDonald’s, and Coca-Cola. BKM/ Expat Media


For all the latest news from the UAE and the world, follow us on Facebook, Twitter and Instagram and subscribe to our YouTube page

Share


ADVERTISE HERE Find or post new jobs, motor ads and classifieds

Explore Expat Media