🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Russian carmaker files third lawsuit against Volkswagen

Published 05/06/2023, 06:12 AM
Updated 05/06/2023, 06:16 AM
© Reuters. FILE PHOTO: New cars are seen parked at the plant of Volkswagen Group Rus in Kaluga, Russia March 30, 2022. Picture taken March 30, 2022. REUTERS/Evgenia Novozhenina/File Photo
VOWG_p
-

(Reuters) - Russian carmaker GAZ has filed a lawsuit worth 15.6 billion roubles ($200.5 million) against Volkswagen (ETR:VOWG_p), court records show, adding to two others filed earlier this year.

The lawsuit, details of which have not been published, was filed with the Nizhny Novgorod Regional Arbitration Court on Friday.

GAZ did not immediately respond to Reuters' request for comment. Volkswagen declined to comment.

Earlier this year, GAZ filed two lawsuits against the German carmaker seeking a total of around $545 million in losses and damages, saying VW's moves to exit the Russian market had put its interests at risk.

It initially persuaded a court to freeze Volkswagen's assets in Russia pending court proceedings - a decision the court reversed in April.

© Reuters. FILE PHOTO: New cars are seen parked at the plant of Volkswagen Group Rus in Kaluga, Russia March 30, 2022. Picture taken March 30, 2022. REUTERS/Evgenia Novozhenina/File Photo

Volkswagen is preparing to sell its Russian assets, including its flagship plant in the city of Kaluga that has annual production capacity of 225,000 vehicles, but no decision has been made and Russian government approval is pending.

($1 = 77.8055 roubles)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.