Volvo Cars became the first international carmaker to suspend car shipments to the Russian market as a result of Moscow’s invasion of Ukraine, Reuters reports.
The Swedish automaker said the decision is due to risks that come with trading material with Russia, such as sanctions from the U.S. and EU.
Volvo added it will not deliver cars to the Russian market “until further notice.”
Industry data claims Volvo sold approximately 9,000 cars in Russia in 2021.
Truck maker AB Volvo announced it halted all production and sales in Russia and Daimler Truck decided to freeze business activities in Russia.
Other companies, such as Volkswagen, Renault and Nokian Tyres, recently described plans to shut or alter manufacturing operations.
Over the weekend, BP disclosed it was abandoning its stake in Rosneft, a Russian oil giant.