Photo: Nissan
Russia's recent attack on Ukraine is creating ripples across the globe, both socially and economically. Perhaps the worst affected is transportation, with gas prices hitting a new high this week. In retaliation to the conflict, the Eastern-European country has been on the receiving end of international sanctions and closure of businesses and services - the latest issued by Nissan.
Last week, VW Group, BMW, Volvo, among other corporations, suspended shipments and production in Russia until further notice after the attack on Ukraine. Volkswagen AG announced the complete stoppage of vehicle production and exports to Russia with immediate effect calling for a sustainable solution to the ongoing conflict.
On Monday, Nissan announced that it would suspend work on its production factory in St Petersburg, Russia, until further notice.
The Japanese automaker started construction of the plant in 2007 and first opened its doors in 2009. The Nissan Teana and X-Trail were the first production models to roll out the factory.
More than 350,000 units had left the production plant by the end of 2019 since it first began in 2009.
According to CNBC, Nissan had mentioned that it would stop exports to Russia due to expected challenges that could further lead to the stoppage of local production last week.
BMW also condemned Russia's actions against Ukraine, stopping production in Kaliningrad and the suspension of exports to Russia. Volvo also issued a statement suspending shipments to the Eastern European country stating potential risks associated with trading materials and sanctions imposed by the U.S and European Union.
Russia is facing sanctions from all fronts. Major corporations, financial services, sporting bodies, and perhaps the worst by British Petroleum. BP abandoned its stake at Rosneft, a Russian oil giant, after a successful three decade-long partnership.
The effect of the attacks is not only crippling transportation but various trade segments. The increase in oil prices is also increasing product prices across the board. We can only hope that the parties involved come to a sustainable solution.
On Monday, Nissan announced that it would suspend work on its production factory in St Petersburg, Russia, until further notice.
The Japanese automaker started construction of the plant in 2007 and first opened its doors in 2009. The Nissan Teana and X-Trail were the first production models to roll out the factory.
More than 350,000 units had left the production plant by the end of 2019 since it first began in 2009.
According to CNBC, Nissan had mentioned that it would stop exports to Russia due to expected challenges that could further lead to the stoppage of local production last week.
BMW also condemned Russia's actions against Ukraine, stopping production in Kaliningrad and the suspension of exports to Russia. Volvo also issued a statement suspending shipments to the Eastern European country stating potential risks associated with trading materials and sanctions imposed by the U.S and European Union.
Russia is facing sanctions from all fronts. Major corporations, financial services, sporting bodies, and perhaps the worst by British Petroleum. BP abandoned its stake at Rosneft, a Russian oil giant, after a successful three decade-long partnership.
The effect of the attacks is not only crippling transportation but various trade segments. The increase in oil prices is also increasing product prices across the board. We can only hope that the parties involved come to a sustainable solution.
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