BERLIN—Volvo Car AB and truck maker Volvo AB on Monday joined a rapidly growing number of Western companies that have said they would halt business in Russia following the country’s invasion of Ukraine.
Volvo Car AB, the Swedish car manufacturer, said Monday: “Considering the potential risks associated with trading material with Russia, including the sanctions imposed by the EU and U.S., Volvo Cars will not deliver any cars to the Russian market until further notice.”
Volvo AB, the Swedish truck maker, which isn’t connected to the car maker, also halted production and sales in Russia.
“Due to the military conflict in Ukraine, the situation in the region and the developing sanctions and export-control regulations, the Volvo Group is forced to temporarily halt its operations in Russia and take further measures to comply with applicable regulations,” a spokesperson told The Wall Street Journal.
The Kaluga heavy-duty truck plant in Russia is the company’s only production plant in the region and employs around 700 staff.
