SAWT BEIRUT INTERNATIONAL

| 26 February 2024, Monday |

Toyota and Honda join growing list of companies exiting Russia over Ukraine crisis

As the Ukraine conflict worsens, Japanese carmakers Toyota and Honda have joined the increasing list of companies bailing out of Russia.

They join Volkswagen, Volvo, and General Motors, as well as Harley-Davidson and a number of oil companies and technology behemoths like Apple and Meta, in suspending or reducing economic connections with Russia because to the armed war.

Toyota has announced that operations at its St Petersburg facility will cease on Friday, as well as vehicle shipments to Russia.

“Toyota is observing the current events in Ukraine with deep concern for the safety of the Ukrainian people and hopes for a peaceful return to peace as soon as possible,” the company stated. “We’re also keeping an eye on global developments and will take appropriate action as needed.”

Honda has announced that it will discontinue exporting automobiles and motorcycles to Russia due to distribution and financial issues. It intends to resume shipments once the situation has stabilized. According to Japanese broadcaster NHK, Honda does not have a manufacturer in Russia, but it ships roughly 1,500 SUVs to the country each year from plants in the United States.

Mazda has also halted shipments of parts to a plant in Russia, according to the Nikkei financial newspaper.

Mitsubishi Motors warned on Tuesday that it may halt manufacture and sales of its vehicles in Russia as a result of sanctions placed on Moscow, which could disrupt the supply chain.

Jaguar Land Rover Automotive, which is owned by Tata Motors in India, has also stopped delivering luxury automobiles to Russia.

Meanwhile, Airbus, like its American competitor Boeing, has halted the supply of components and support services to Russian airline clients.

“Airbus has ceased support services to Russian airlines, as well as the supply of spare parts to the country, in accordance with current international restrictions,” an Airbus spokeswoman said on Wednesday.

The United States and its European allies placed a slew of penalties on Moscow, including the exclusion of several Russian institutions from the Swift global financial network.

Some countries have barred Russian planes from flying over their airspace, and the US Justice Department is attempting to seize yachts, luxury homes, and private jets owned by wealthy Russians with ties to Putin.

On Wednesday, the United Nations General Assembly unanimously condemned Russia’s major military assault on Ukraine. In total, 141 countries voted in favor of the resolution, with five voting against it and 35 abstaining.

Russian paratroopers arrived in Kharkiv, Ukraine’s second-largest city, on Wednesday, after several days of intense shelling.

    Source:
  • The National News