Hyundai ceases production at its St. Petersburg plant

Hyundai’s factory in St. Petersburg, Russia’s second largest city after Moscow, will stop production of cars from today due to a lack of materials to assemble cars. According to the Russian state-owned company RIA Novosti, the company plans to resume production at the unit on March 9.

The suspension announcement takes place the next day Dozens of countries have announced sanctions against Russia And this 30% decline in the country’s currency register Yesterday.

The impact of the sanctions also led Central Bank of Russia to double base rate: 9.5% to 20%. According to the central bank, the increase in interest rates will ensure that deposit rates increase “to the extent necessary to offset further depreciation of the ruble and the risk of inflation”. The fall of the Russian currency also occurred in BC Stop operations on the Moscow Stock Exchange This Monday (28).

Sanctions

On Sunday (27), European diplomat Joseph Borel announced that several EU countries had reached a political agreement. Prevent financial transactions with the Central Bank of RussiaThis means blocking “more than half of the reserves” of the Russian financial institution, “because they are held in the G7 countries”.

The decision was also made in a speech by European Commission President Ursula von der Leyen, who recalled that the move was a further approval than previously announced.

He strengthened the cooperation of European countries with the United States. Remove Russia from Swift (World Interbank Financial Telecommunication Society), a partnership formed by countries to standardize financial information and financial transactions between banks around the world.

To try to overcome the situation, some banks in the country, such as Sberbank and VTB, assured customers that they could convert local currencies into foreign currencies such as the euro and the dollar to avoid further losses.