The head of AvtoVAZ announced the refusal of foreign banks to cooperate | November 20, 2023

“The consequence of this was new massive refusals of foreign suppliers, sub-suppliers, financial institutions, banks from cooperation with our auto industry. Thus, foreign banks simply block both our outgoing payments and towards “AvtoVAZ“if we talk about export products,” Mr. Sokolov said at parliamentary hearings in Federation Council (quote from Interfax).

At the Transport of Russia forum on November 17, Maxim Sokolov said that AvtoVAZ could reduce its production plan for 2023, which amounts to 400 thousand Lada cars, by 10%. He attributed the reduction to the repeated disruption of logistics and financial chains due to sanctions.

From the beginning of 2023 to October, AvtoVAZ produced 293 thousand cars. At the end of November, the concern’s sales are projected at 37.5 thousand vehicles. This is 8.3% less than in October. Last month, the company sold a record number of cars over the past ten years – more than 40.9 thousand.

Lusine Balasyan

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