Ferrari, Lamborghini suspending business in Russia

Luxury car brands Ferrari and Lamborghini are suspending business in Russia amid the country's military actions in Ukraine, Report informs referring to The Hill.

In a statement on March 8, Ferrari said it plans to donate 1 million euros to support Ukrainian citizens in need during the ongoing crisis.

"Furthermore, given the ongoing situation Ferrari has taken the decision to suspend the production of vehicles for the Russian market until further notice," the luxury automaker said. "We continue to monitor the situation closely and will always respect all rules, regulations and sanctions."

In a similar statement, Lamborghini expressed its condolences for the ongoing invasion, saying it plans to send a donation to the United Nations (UN) High Commissioner for Refugees.

"In light of the current situation, business with Russia has been put on hold," the automaker said in its statement. "Lamborghini hopes for a swift end of the hostilities and a return to diplomacy."

The two luxury automakers follow many other major companies and suppliers that have halted sales of their products and suspended operations in Russia over the incursion, which has also led to a series of international sanctions.