Since the war in Ukraine started and sanctions were imposed, all sales, service and production in Russia have been suspended. The Volvo Group has total assets of approximately SEK 9 billion related to Russia, of which approximately SEK 6 billion is cash items that could be materialized over the coming years. In the first quarter 2022, assets amounting to approximately SEK 4 billion will be provided for and have a negative impact on operating income, primarily in the Financial Services segment.
In 2021, approximately 3% of the Group’s net sales were attributable to Russia.
The Volvo Group expresses its deepest sympathy with all the people suffering due to the devastating war in Ukraine and is committed to supporting affected employees, families and communities.
SOURCE: Volvo Group