TOYOTA SUSPENDS OPERATIONS AT ITS FACILITY IN RUSSIA; JAPAN TIGHTENS SANCTIONS

Thu 03 March 2022:

Toyota Motor Corp., the world’s largest carmaker, declared a halt in production operations in Russia on Thursday, while the Japanese government said it will freeze assets owned by four more Russian banks.

Toyota said the decision to suspend operations at its St. Petersburg plant from Friday is “due to supply chain disruptions.”

“The operations at the St. Petersburg plant will be stopped until further notice,” Toyota said, adding that its manufacturing and sales operations “in the rest of Europe will not be affected.”

It also said: “We are also monitoring global developments and will make necessary decisions as required.”

Since it began its operations in 2007, Toyota’s St. Petersburg plant can produce 100,000 vehicles every year. The Japanese automaker has its sales base in Moscow.

Japan’s Honda Motor Co. also suspended shipments of vehicles and motor bikes to Russia, Tokyo-based Kyodo News reported.

Japanese Finance Minister Shunichi Suzuki said Thursday the government will freeze assets held by four more Russian banks.

Tokyo’s move came after the EU decided to exclude seven Russian banks from the SWIFT international money transfer system.

“Japan supports the EU’s decision and will firmly implement (sanctions) with other Group of Seven members,” Suzuki said.

The anti-Russia measures taken by Japan are expected to come into effect by April 2.

Escalation of measures against Moscow came as the Russia-Ukraine war entered its second week on Thursday.

The escalation of sanctions against Moscow occurred as the Russia-Ukraine conflict reached its second week on Thursday.

Russia’s assault on Ukraine has sparked international indignation, with the EU, the US, and the United Kingdom, among others, imposing harsh financial penalties on Moscow.

Many countries also support Ukraine with armaments, have closed their airspace to Russian planes, and have banned Russian state-run media.

According to the UN’s human rights committee, at least 227 civilians have been killed and 525 have been injured since the start of Russia’s war on Ukraine.

Japan, along with its Western partners, placed sanctions on Russia and committed to absorb refugees fleeing the Ukraine conflict.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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