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| German Brand, Mercedes-Benz To Exit Russia, Sell Shares To Local Investor |
| 2022-10-27 |
| [SAHARAREPORTERS] German luxury and commercial vehicle automotive brand, Mercedes-Benz disclosed on Wednesday its plan to leave the Russian market and sell shares in its industrial and financial services subsidiaries to a local investor. This was announced by the company’s spokesperson who stated that the company's stake in Russian truck maker, Kamaz, would not be affected by the intended transaction and should be transferred to Daimler Truck this year as planned. This announcement may not be unconnected to the ongoing diplomatic crisis between Russia and Ukraine. On 24 February 2022, Russia invaded Ukraine in a major escalation of the Russo-Ukrainian War, which began in 2014. The invasion has likely resulted in tens of thousands of deaths on both sides and caused Europe's largest refugee crisis since World War II with an estimated 8 million people being displaced within the country by late May as well as 7.7 million Ukrainians fleeing the country as of 18 October 2022. Within five weeks of the invasion, Russia experienced its greatest emigration since the 1917 October Revolution. The invasion has also caused global food shortages. |
| Posted by:Fred |