Russian court freezes Volkswagen assets in country

MOSCOW – A Russian court on Monday froze all Volkswagen assets in Russia in the latest obstacle to the German carmaker’s year-long efforts to wind down its Russian operations.last year after Western countries imposed unprecedented sanctions on Moscow over the conflict in Ukraine.

In court filings, GAZ said Volkswagen’s attempts to exit the Russian market put its own interests at risk and it is seeking 15.6 billion roubles in damages over the terminated contract. Last week, Czech carmaker Skoda Auto, part of the Volkswagen Group, said it was in the final stages of a deal to sell its Russian assets.Russia mandates that companies from “unfriendly” countries – those which have hit Russia with sanctions – are required to win approval from a government commission for the sale of any Russian assets.

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