Russia "Truck Company Volvo AB Assets Transferred to Russian Investor"

Swedish truck manufacturer Volvo AB's assets in Russia have been transferred to a Russian investor.

According to a report by Russian Interfax news agency on the 8th (local time), the Russian Ministry of Industry and Trade stated, "We have identified the new owner of Volvo AB and a domestic partner to develop additional production at the company's Kaluga plant in Russia," adding that efforts are underway to resume production as soon as possible.

Volvo Truck Factory in Kaluga, Russia [Photo by Reuters]

The Ministry of Industry did not disclose the new owner or partner of Volvo AB. Volvo halted sales, production, and services in Russia last February after Russia launched its 'special military operation' in Ukraine. Other global automakers such as Volkswagen, Mercedes-Benz, Nissan, and Toyota also withdrew from Russia, selling their businesses at low prices as Western economic sanctions made it impossible to operate in the country.

Meanwhile, the Moscow Arbitration Court on the same day rejected Goldman Sachs' request to dismiss a $6.3 million lawsuit filed by Russia's Otkritie Bank. Earlier, Otkritie, owned by the Russian state-owned VTB Bank, filed a lawsuit claiming that Goldman Sachs owed money related to a derivatives contract. At Otkritie's request, Goldman Sachs' assets in Russia, including a 5% stake in Russia's largest toy chain Detsky Mir, were seized last month.

Goldman Sachs argued the day before that the Moscow court did not have jurisdiction over the lawsuit and that the case should be heard by a court in London, UK, but this was not accepted.

This content was produced with the assistance of AI translation services.