Volkswagen could purchase stake in GAZ Group

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Volkswagen may buy stake in GAZ Group

 

RussiaBusinessToday. – German concern Volkswagen could buy a stake in GAZ Group to be able to assist the Russian firm keep away from US sanctions, Deputy Prime Minister Dmitry Kozak stated in Moscow.

Talking throughout a press-conference, Kozak stated negotiations have already taken place, however the ultimate choice has not but been made.

In April, the US Treasury imposed sanctions in opposition to Russian billionaire Oleg Deripaska and eight firms through which he was a shareholder, together with Russian Machines mechanical engineering firm, the mum or dad firm of GAZ Group. Technically, the sanctions solely prohibited commerce with the carmaker for US firms and residents, however, if launched, the restrictions would almost certainly freeze any worldwide enterprise for GAZ.

Kozak stated he had met with US ambassador to Russia, Jon Huntsman Jr., to debate how the GAZ may keep away from the sanctions. The US Treasury has postponed the introduction of the restrictions on the corporate a number of instances since April, and following the current assembly between Kozak and Huntsman, the date was pushed again from October 23, 2018 to December 12, 2018.

Kozak acknowledged the truth that Russia was in talks with Germany’s Volkswagen concern on the potential buy of a stake in GAZ. “There was such a dialogue, however thus far no choice has been made” he stated.

Volkswagen Group grew to become the world’s largest automaker by gross sales in 2016, overtaking Toyota and maintaining this title in 2017, promoting 10.7 million autos. It has a long-standing cooperation with GAZ, offering know-how, tools and engines for the Russian firm.

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