Volvo assets in the Russian Federation were transferred without a reverse option – Kommersant

The head of the Ministry of Industry and Trade Denis Manturov spoke about a deal to transfer Russian assets of the Swedish automaker Volvo without a buyback option. He told TASS journalists about this on the sidelines of the international industrial exhibition “Innoprom Kazakhstan”.

In July 2022 Kommersant wrotethat the Volvo Group will lay off employees in Russia, since the automaker cannot assemble cars due to EU sanctions. At the beginning of September this year, Volvo’s assets in the Russian Federation were transferred to Russian businessman Igor Kim. The assets include four service centers, sites for welding and painting cabs, as well as an automobile assembly plant in Kaluga, which suspended operations at the end of February 2022. Then the Ministry of Industry and Trade reported that work to restore the Kaluga plant was being carried out with the participation of a domestic partner.

Polina Motyzlevskaya