GM to stop exporting vehicles to Russia

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GM sells about 3,000 vehicles a year in Russia

General Motors is the latest company to stop doing business with Russia, following the country’s invasion of neighboring Ukraine.

The automaker announced earlier today that it was halting all exports of its vehicles to Russia.

“Our thoughts are with the people of Ukraine at this time,” GM said in a statement. “The loss of life is a tragedy and our overriding concern is the safety of people in the area.”

This decision should not have too much effect on GM’s portfolio, since the company only sells about 3,000 of its vehicles per year in the country, according to CNN Business. Overall, GM sells more than 6 million vehicles a year worldwide.

GM also has none of its factories in Russia, so any vehicle that arrives there is imported either from an American factory or from South Korea.

The United States imposed additional economic sanctions on Russia on Monday, including against the country’s central bank.

“Our goal is for the Russian economy to shrink if President Putin decides to keep moving forward with an invasion of Ukraine, and we have the tools to keep doing that,” he told reporters. a senior US government official. reports Reuters.

GM, meanwhile, said its move was in line with U.S. sanctions on Russia.

“GM is committed to complying with the laws and regulations of the markets in which we operate, including applicable U.S. economic sanctions and export control laws and regulations,” GM said in a statement.

The company said that when it comes to its supply chains, it was not overly exposed in Russia, but was working to minimize any potential disruption.

“We continue to monitor developments and take steps to implement mitigation strategies as appropriate,” GM said.

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