Photo: BMW
The majority of global carmakers have already stopped the local production or suspended the exports to Russia, but the European Union could soon make it much harder for any citizen of the country to buy a luxury model.
The EU is reportedly discussing a new set of sanctions following the invasion of Ukraine, and a ban on luxury car exports is currently on the table as well.
As it turns out, the new restrictions would be aimed at vehicles that cost more than 50,000 euros (that’s close to $55,000 for our American readers), and the European Union is specifically targeting brands like Audi, BMW, Ferrari, Mercedes-Benz, and Porsche.
In other words, anyone living in Russia and planning to buy a new car from one of these brands would no longer be allowed to do so if the cost of the vehicle exceeds $50,000.
No official announcement has been made so far, but the European Union is said to be making progress on the discussions over a new sanctions package. More information on this front could be announced by EU officials themselves later this week.
The majority of car manufacturers suspended their Russian operations in early March, shortly after President Vladimir Putin ordered the country’s military to invade Ukraine. At this point, Renault is the only big company that’s yet to halt local manufacturing, as the French company is believed to be concerned such a decision would affect its local business.
Renault holds a stake in Russian car manufacturer AvtoVAZ.
In theory, luxury car manufacturers no longer sending any cars to Russia means other markets would get a few more units, therefore cutting the waiting times for specific regions. The chip shortage continues to cripple the car market all over the world, with customers claiming that in some cases, they’re being told the waiting times for new vehicles exceed 12 months.
As it turns out, the new restrictions would be aimed at vehicles that cost more than 50,000 euros (that’s close to $55,000 for our American readers), and the European Union is specifically targeting brands like Audi, BMW, Ferrari, Mercedes-Benz, and Porsche.
In other words, anyone living in Russia and planning to buy a new car from one of these brands would no longer be allowed to do so if the cost of the vehicle exceeds $50,000.
No official announcement has been made so far, but the European Union is said to be making progress on the discussions over a new sanctions package. More information on this front could be announced by EU officials themselves later this week.
The majority of car manufacturers suspended their Russian operations in early March, shortly after President Vladimir Putin ordered the country’s military to invade Ukraine. At this point, Renault is the only big company that’s yet to halt local manufacturing, as the French company is believed to be concerned such a decision would affect its local business.
Renault holds a stake in Russian car manufacturer AvtoVAZ.
In theory, luxury car manufacturers no longer sending any cars to Russia means other markets would get a few more units, therefore cutting the waiting times for specific regions. The chip shortage continues to cripple the car market all over the world, with customers claiming that in some cases, they’re being told the waiting times for new vehicles exceed 12 months.
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