• Latest
  • All
  • Buzz
  • Sports
  • International
  • Technology
  • Startups
  • Business
  • Entertainment
  • Blockchain
  • Crypto
  • Funding
  • Devices
  • Bollywood
  • Hollywood
  • Health
  • COVID 19
  • Finance
  • ALERTS
  • Featured
  • Politics
  • Wildlife
  • Science
Volkswagen Assets Freeze

Volkswagen Faces $201.3 Million Lawsuit and Asset Freeze in Russia.

March 21, 2023
Mohan Babu, Son Manoj, and Journalist Clash at Jalpally Residence

Family Dispute Turns Chaotic: Mohan Babu, Son Manoj, and Journalist Clash at Jalpally Residence

December 11, 2024
MP Vijay Vasanth Advocates Boosting Kanniyakumari Tourism

Congress MP Vijay Vasanth Calls for Improved Tourism Infrastructure in Kanniyakumari

December 11, 2024
Adelaide Test defeat challenges India’s WTC path.

Adelaide Test Loss Puts India’s WTC Final Hopes in Jeopardy

December 9, 2024
Lt Gen KJS Dhillon's historic journey and military leadership

Lt Gen KJS Dhillon Wins Crossword Books Award for Best Non-Fiction Book

December 9, 2024
Delhi Chalo March Blocked, Police Enforce Section 163

Farmers’ ‘Delhi Chalo’ March Blocked at Shambhu Border as Police Enforce Section 163

December 6, 2024
  • About Us
  • Advertise
  • Contact Us
Sunday, June 1, 2025
  • Login
The Buzz News Logo
  • ALERTS
    Junior Asia Cup India’s Dominant 11-0 Victory

    Junior Asia Cup: India Crushes Thailand 11-0 in Opening Match

    Hemant Soren to Take Oath as Jharkhand Chief Minister

    Hemant Soren to Take Oath as Jharkhand Chief Minister on November 28

    Rafael Nadal Retires After Davis Cup Loss

    Rafael Nadal Bids Farewell to Tennis After Davis Cup Loss

    Allu Arjun Returns with a Bang Pushpa 2 Trailer

    Allu Arjun Stuns in the Thrilling Trailer of ‘Pushpa 2: The Rule’

    Gold Prices Pressured by Strong US Dollar

    Face Short-Term Pressure as Stronger US dollar and Rising Bond Yields Shift Investor Focus

  • BUZZ
    Junior Asia Cup India’s Dominant 11-0 Victory

    Junior Asia Cup: India Crushes Thailand 11-0 in Opening Match

    Hemant Soren to Take Oath as Jharkhand Chief Minister

    Hemant Soren to Take Oath as Jharkhand Chief Minister on November 28

    Rafael Nadal Retires After Davis Cup Loss

    Rafael Nadal Bids Farewell to Tennis After Davis Cup Loss

    Allu Arjun Returns with a Bang Pushpa 2 Trailer

    Allu Arjun Stuns in the Thrilling Trailer of ‘Pushpa 2: The Rule’

    Gold Prices Pressured by Strong US Dollar

    Face Short-Term Pressure as Stronger US dollar and Rising Bond Yields Shift Investor Focus

  • Blockchain
    • Crypto
  • Business
    • Finance
  • Entertainment
    • Bollywood
    • Hollywood
  • International
    • Politics
    • Sports
  • Startups
    • Funding
  • Technology
No Result
View All Result
The Buzz News Logo Sticky
  • ALERTS
    Junior Asia Cup India’s Dominant 11-0 Victory

    Junior Asia Cup: India Crushes Thailand 11-0 in Opening Match

    Hemant Soren to Take Oath as Jharkhand Chief Minister

    Hemant Soren to Take Oath as Jharkhand Chief Minister on November 28

    Rafael Nadal Retires After Davis Cup Loss

    Rafael Nadal Bids Farewell to Tennis After Davis Cup Loss

    Allu Arjun Returns with a Bang Pushpa 2 Trailer

    Allu Arjun Stuns in the Thrilling Trailer of ‘Pushpa 2: The Rule’

    Gold Prices Pressured by Strong US Dollar

    Face Short-Term Pressure as Stronger US dollar and Rising Bond Yields Shift Investor Focus

  • BUZZ
    Junior Asia Cup India’s Dominant 11-0 Victory

    Junior Asia Cup: India Crushes Thailand 11-0 in Opening Match

    Hemant Soren to Take Oath as Jharkhand Chief Minister

    Hemant Soren to Take Oath as Jharkhand Chief Minister on November 28

    Rafael Nadal Retires After Davis Cup Loss

    Rafael Nadal Bids Farewell to Tennis After Davis Cup Loss

    Allu Arjun Returns with a Bang Pushpa 2 Trailer

    Allu Arjun Stuns in the Thrilling Trailer of ‘Pushpa 2: The Rule’

    Gold Prices Pressured by Strong US Dollar

    Face Short-Term Pressure as Stronger US dollar and Rising Bond Yields Shift Investor Focus

  • Blockchain
    • Crypto
  • Business
    • Finance
  • Entertainment
    • Bollywood
    • Hollywood
  • International
    • Politics
    • Sports
  • Startups
    • Funding
  • Technology
No Result
View All Result
The Buzz News
No Result
View All Result
Home Business

Volkswagen Faces $201.3 Million Lawsuit and Asset Freeze in Russia.

by Daman Jain
March 21, 2023
in Business, Politics, Technology
Reading Time: 3 mins read
Volkswagen Assets Freeze

Source: Yahho


The Buzz News on Google News

Share on FacebookShare on TwitterShare on WhatsApp

A Russian court has given orders to freeze all the Russian Assets owned by Volkswagen as the company tries to exit the country. Over a lawsuit by the Volkswagen manufacturing partner in Russia – GAZ, Volkswagen has to face a $201.3 Million lawsuit along with the freezing of its assets.

Volkswagen Assets Frozen By Russian Court

Volkswagen Assets Frozen By Russian Court
Source: Yahoo News Canada

Read Also: Hackers Can Access Exynos Chip Phones with Just a Contact Number. Google has Reported 18 Vulnerabilities.

RelatedPosts

Family Dispute Turns Chaotic: Mohan Babu, Son Manoj, and Journalist Clash at Jalpally Residence

Congress MP Vijay Vasanth Calls for Improved Tourism Infrastructure in Kanniyakumari

The company suspended its operation in Russia in March 2022. It was in deals to sell its assets, including its main manufacturing plant in Kaluga, with a production capacity of 225,000 vehicles in a year. But in the meantime, GAZ, who was also the contracted partner with Volkswagen and manufactured Volkswagen vehicles in their factory in Nizhny Novgorod, filed a lawsuit saying that Volkswagen wanted to exit the company and terminates their contract with us. Due to this, they have been unable to sell the vehicles since last August and facing a significant loss. So they are seeking 15.6 billion roubles, which is around $201.3 million, for their damages due to the loss faced by the termination of the contract.

So in the lawsuit filed by the GAZ, the Russian court gave orders to seize all the assets owned by the company. Volkswagen’s Russian Subsidiary seemed to be surprised because, as per them, the exits were done by a mutual agreement with all the concerned parties, and the last year, they were selling all their Russian-based assets. To this, GAZ and Russian authorities have not commented anything.

Along with Volkswagen, Many Other Car Makers Have existed in Russia

Car makers exists from Russia
Source: NY TImes

Be noted that Volkswagen is not only the auto manufacturing company that wants to exit the country. Many other famous car makers also exist in Russia over the Mexico incident amidst Russia-Ukraine Conflict. Last year France-based Renault also exited the Russian market by selling most of its shares to a Russian State entity for a symbolic fee of 1 rouble by writing off its $2.35 billion valued assets.

After the Moscow incident, they have made it clear that every company from the unfriendly country should be required to win approval from the government again if they want to sell their Russian assets. Foreign investors fear that as Russia is bringing restrictions to the sale, they may take action to use the strategy of nationalizing the assets.

Last year, Russian President Vladimir Putin ordered the seizure of complete control of the Sakhalin 2 gas and oil projects in Russia. He took almost 50% of the project from the SHELL and two other Japanese Trading Companies.

Russia is facing a big hit after the Mascow decision to send thousands of troops amidst the Ukraine Conflict. And there has been a fall of 67% in automobile parts and manufacturing since the collapse of the Soviet Union.

Tags: GAZRussiaVolkswagen
ShareTweetSend
Previous Post

Sikh Student Assaulted In Canada: Ripped his Turban and Dragged from his Hair.

Next Post

Mahindra Acquired MITRA Agro Equipments By Buying Another 47.33 Percent Stake From Omnivore

Next Post
Mahindra Acquired MITRA

Mahindra Acquired MITRA Agro Equipments By Buying Another 47.33 Percent Stake From Omnivore

General Bytes Crypto hack

General Bytes Crypto Hack: Hackers Exploit Zero-Day Security Flaw to Steal $1.6 Million from Bitcoin ATMs.

0 0 votes
Article Rating
Subscribe
Login
Notify of
guest

guest

0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
The Buzz News on Google News

Categories

  • ALERTS (191)
  • Blockchain (6)
  • Bollywood (31)
  • Business (192)
  • Buzz (555)
  • COVID 19 (8)
  • Crypto (16)
  • Devices (23)
  • Entertainment (83)
  • Featured (145)
  • Finance (73)
  • Funding (34)
  • Health (64)
  • Hollywood (28)
  • International (204)
  • Politics (269)
  • Science (49)
  • Sports (168)
  • Startups (18)
  • Technology (236)
  • Wildlife (49)
The Buzz News Header Logo Transparent

This website follows the DNPA Code of Ethics.

TOPICS

  • ALERTS (191)
  • Blockchain (6)
  • Bollywood (31)
  • Business (192)
  • Buzz (555)
  • COVID 19 (8)
  • Crypto (16)
  • Devices (23)
  • Entertainment (83)
  • Featured (145)
  • Finance (73)
  • Funding (34)
  • Health (64)
  • Hollywood (28)
  • International (204)
  • Politics (269)
  • Science (49)
  • Sports (168)
  • Startups (18)
  • Technology (236)
  • Wildlife (49)
  • About
  • Contact
  • Advertise
  • Privacy
  • Disclaimer

© 2023 The Buzz News | All Rights Reserved
A venture of Orcapex Media

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
wpDiscuz
0
0
Would love your thoughts, please comment.x
()
x
| Reply
No Result
View All Result
  • ALERTS
  • BUZZ
  • Blockchain
    • Crypto
  • Business
    • Finance
  • Entertainment
    • Bollywood
    • Hollywood
  • International
    • Politics
    • Sports
  • Startups
    • Funding
  • Technology

© 2023 The Buzz News | All Rights Reserved
A venture of Orcapex Media

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.