(MENAFN) A number of carmakers including General Motors and Jaguar Land Rover announced they have stopped delivering to Russian dealerships in response to the sharp slide in the value of the rouble, Arab News reported
The Russian currency, which has been hammered by slumping oil prices and Western sanctions imposed over Moscow's involvement in Ukraine, has lost as much as 20 percent against the US dollar and has led some other companies like Swedish furniture retailer IKEA, to increase the prices they charge Russian buyers.
'In view of the volatility of rouble exchange rate and with the aim to manage its business risk, GM Russia has decided to temporarily suspend wholesaling of vehicles to its dealers in Russia as of December 16,' General Motors's European Opel division said.
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