The head of the company said that falling under US sanctions led to the blocking of payments by banks in both friendly and unfriendly countries.
American sanctions against the Russian car company AvtoVAZ have caused a massive reluctance to cooperate with foreign partners. The company’s president, Maxim Sokolov, spoke about this at the parliamentary hearings at the Federation Council, RosSMI reported on Monday, November 20.
“The consequence of this is new massive refusals of foreign suppliers, sub-suppliers, financial institutions, banks from cooperation with our auto industry,” he said.
According to him, in the case of export products, foreign banks only block both the original payments and those of AvtoVAZ. The reason for this is the risk of a second penalty.
AvtoVAZ was included in the US sanctions list in mid-September 2023, along with Moskvich and automaker Sollers.
At the same time, Sokolov said that the sanctions against his company will not affect business activities.
We remind you that in the spring of 2022, AvtoVAZ suspended production due to a lack of electronic components.
As reported, last week the United States expanded sanctions against Russia, introducing them against 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.