Swedish truckmaker Volvo has temporarily suspended production at its plant in Kaluga, Russia, due to the war in Ukraine. Sales in Russia were also halted, a company spokesperson said.
The factory located south of Moscow employs 700 people. Another 600 employees deal with sales and maintenance in Russia. In total, sales in Russia and Ukraine represent 3.5% of the group’s total net sales.
Daimler Truck also suspends its cooperation with Russia
The world’s largest truck manufacturer, Daimler Truck, has also suspended operations in Russia until further notice. Cooperation with truck manufacturer Kamaz, which supplies the Russian army, is also on hold. “In light of the events of the past few days, we have decided to suspend our activities with immediate effect.“said a spokesperson for the group, which manufactures Mercedez-Benz brand trucks.
Cooperation with Kamaz is particularly affected. Daimler helps the Russian company by supplying it with certain technologies. Kamaz is the country’s largest truck maker, with more than 44,000 vehicles produced last year. It also supplies the Russian army with armored cars and transport vehicles.
According to German daily Handelsblatt, parent company Mercedes-Benz is also seeking to divest itself of its 15% stake in Kamaz as quickly as possible.
BP leaves the capital of the Russian giant Rosneft, and loses nearly 7% on the stock market
For its part, the largest fuel company British BP announced Sunday that it would leave the capital of the Russian giant Rosneft in which it holds a 19.75% stake. In a press release, the group specified that its managing director Bernard Looney would resign from the board of directors of Rosneft “with immediate effect”.
“Russia’s attack on Ukraine is an act of aggression that has tragic consequences across the region”commented the chairman of the board of directors of BP, Helge Lund.
“BP has been operating in Russia for more than 30 years (…), but this military action represents a fundamental change. It has led BP’s board of directors to conclude, following a thorough process, that our involvement in Rosneft, a state-owned company, just mightn’t go on”he added.
Like BP, Russian oil giant Rosneft is also listed in London. The presence among its shareholders of BP since 2013, which held the second largest stake following the Russian state, was regularly the subject of criticism in the United Kingdom.
Following this withdrawal, BP indicated that the group would make a provision in its accounts for the first quarter of 2022, which will be published in May.
The British oil giant BP fell on the London Stock Exchange on Monday, the day following the announcement of its divestiture from the Russian giant Rosneft, in which it previously held a 19.75% stake, following the “aggression” of Ukraine by Russia.
Shortly following 11:10 GMT, BP’s stock fell 5.57% to 357.40 pence, representing a decrease of more than £4 billion in its market capitalisation. For its part Rosneft, part of whose capital is also listed on the British market, collapsed by 41.37% to 2.74 dollars.
Tui Cruises cancels its stops in Saint-Petersburg
Cruise line Tui Cruises is pulling St. Petersburg from its schedule in response to Russia’s invasion of Ukraine, the tour company announced on Monday. It evokes moral and ethical considerations. The Russian city is removed from cruise programs for the May-October season, a spokesperson said.
Competing company Aida Cruises is expected to follow. She announced that her schedule for the summer season would be changed in the coming days.