The court seized the Russian assets of Volkswagen at the request of GAZ
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The Arbitration Court of the Nizhny Novgorod Region seized the Russian assets of the Volkswagen automobile concern at the request of GAZ. The Russian automaker demands to recover from the German concern 15.6 billion rubles of losses after the termination of the contract on the assembly of cars in Nizhny Novgorod.
The lawsuit was filed on March 14. GAZ claims that the Volkswagen Group is planning to completely withdraw from the Russian market in the near future and sell its assets to third parties. Because of this, GAZ notes, Volkswagen will not be able to compensate for GAZ’s losses if the court makes such a decision.
The court agreed with GAZ’s arguments and seized the shares of foreign legal entities in LLC “Volkswagen Group Rus” – the Russian “subsidiary” of the Volkswagen Group, the shares of the German concern in Russian legal entities, as well as all of its property in Russia, with the exception of money. In addition, the court prohibited “Volkswagen Group Rus” from liquidation, reorganization and other registration actions.
The agreement on the assembly of cars in Nizhny Novgorod was concluded back in 2011, later it was extended until the end of 2025. However, after the full-scale Russian invasion of Ukraine and the introduction of sanctions in response, the German car concern stopped assembly at the plant. Volkswagen offered employees to voluntarily terminate employment contracts with payment of up to six salaries.
- Russia invaded Ukraine on February 24, 2022. In response, the United States and Europe regularly impose sanctions prohibiting or limiting cooperation with Russian organizations.
- Almost three thousand Russian organizations came under sanctions in an hour, writes “Kommersant”. Import restrictions have become a key problem for Russian business: foreign companies refuse to supply raw materials, components, spare parts and equipment.
- After the Russian invasion of Ukraine, more than 1,200 organizations closed their activities in Russia, of which 521 completely left the country.
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