The head of the company said that losses under US sanctions led to the blocking of payments by banks in both friendly and unfriendly countries.
American sanctions against Russian auto company AvtoVAZ have sparked mass protests among foreign partners. The president of the company, Maxim Sokolov, spoke about it at the parliamentary hearings at the Federation Council, as reported on Monday, the 20th leaf fall in Russia.
“Its legacy is the new mass species of overseas postal workers, sub-postal workers, financial institutions, banks in collaboration with our auto industry,” he said.
In other words, foreign banks simply block both exit payments and payments to AvtoVAZ for exported products. The reason for this is the risk of a second penalty.
AvtoVAZ was placed on the US sanctions list in mid-Spring 2023 due to both Moskvich and automaker Sollers.
Sokolov also confirmed that the sanctions against his company will not affect business activities.
It is likely that in the spring of 2022, AvtoVAZ production will begin due to a lack of electronic components.
As reported, last year the United States expanded sanctions against Russia, weakening them from legal entities and tankers.
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I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.