Luxury car maker Ferrari said on Tuesday it would suspend exports to Russia because of Moscow's invasion of Ukraine.
"Given the ongoing situation, Ferrari has taken the decision to suspend the production of vehicles for the Russian market until further notice," the Italian company said.
"We continue to monitor the situation closely and will always respect all rules, regulations and sanctions," it said.
Ferrari adds to a number of companies, including car makers, other manufacturers and luxury goods groups, that have taken action to limit, put on hold or exit business activities in Russia following Moscow's invasion of Ukraine.
Rival sports car maker Lamborghini, a unit of Volkswagen, said on Tuesday it had put on hold its business with Russia.
Last week Ferrari said Russia was a very small market for it and that it did not see any impact on its supply chain at the moment as a consequence of Russia's invasion of Ukraine.
Ferrari on Tuesday also said it was donating €1m (about R16.6m) to support Ukrainians in need.
Ferrari suspends production of cars for Russian market
Image: SUPPLIED
Luxury car maker Ferrari said on Tuesday it would suspend exports to Russia because of Moscow's invasion of Ukraine.
"Given the ongoing situation, Ferrari has taken the decision to suspend the production of vehicles for the Russian market until further notice," the Italian company said.
"We continue to monitor the situation closely and will always respect all rules, regulations and sanctions," it said.
Ferrari adds to a number of companies, including car makers, other manufacturers and luxury goods groups, that have taken action to limit, put on hold or exit business activities in Russia following Moscow's invasion of Ukraine.
Rival sports car maker Lamborghini, a unit of Volkswagen, said on Tuesday it had put on hold its business with Russia.
Last week Ferrari said Russia was a very small market for it and that it did not see any impact on its supply chain at the moment as a consequence of Russia's invasion of Ukraine.
Ferrari on Tuesday also said it was donating €1m (about R16.6m) to support Ukrainians in need.
Will Western banks walk away from Russia?
WATCH | Ukraine accuses Russia of war crimes at International Court of Justice
Visa, Mastercard suspend operations in Russia over Ukraine invasion
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most read
Latest Videos