Honda will stop exporting cars, motorcycles and other products to Russia, and Mazda will suspend exports of auto parts to its plant in the country, Report informs referring to Nikkei.
As more companies announce their adherence to economic sanctions against Russia that have been imposed by the US, Europe, and Japan, the business environment in the target nation is rapidly deteriorating, its currency is fast losing value and its logistics network becoming fragmented.
In Japan, corporate moves to reconsider doing business in Russia are gaining momentum.
Of 862 billion yen ($7.56 billion) of exports from Japan to Russia, 40%, or 357.5 billion yen ($3.14 billion), are car exports. If the export of auto parts is added to them, the amount will exceed 50% of the total export figures.