UK-based leading auto manufacturer, Jaguar Land Rover (JLR) has said that they will be halting delivery of their car units in Russia as a fall out of the stringent economic sanctions put by the West including the UK.
According to reports, close to 7,000 Jaguar cars were sold in Russia in the last fiscal year. BBC quoted a Jaguar spokesperson saying that given the current global context and its resultant trading challenges, the delivery of vehicles will be stalled for the time being. JLR, which is fully owned by Tata Motors of India, also has a manufacturing unit in Slovakia.
This comes after similar announcements made by other big vehicle manufacturers in light of the tight sanctions imposed on Russia as it waged war on neighbouring Ukraine on multiple fronts to the dismay of the majority of the international community.
Swedish-based major Volvo, US-based General Motors, Germany’s Daimler Truck have already announced similar decisions to stop their business in Russia. Porsche, Skoda, and Audi are also likely to follow suit.
Incidentally, Russia is also home to factories of many global auto giants like KIA and Hyundai.
Among the other major economic sanctions imposed on Russia, de-platforming of Russia’s major banks from the SWIFT platform is likely to impact Russia’s economy the most.