Daimler Truck added to Russia's sanctions list
MOSCOW. June 30 (Interfax) - German commercial vehicle manufacturer Daimler Truck AG has been included in Russia's list of entities subject to special economic measures in accordance with the Russian government's June 27 order, published on the legal information website.
Daimler Truck AG was separated from Daimler AG (currently Mercedes-Benz Group AG) through a spin-off in 2021. Starting from 2008, Daimler Truck was a partner of Russia's Kamaz and owned a 15% minority stake in it. Daimler Truck and Kamaz later founded a joint venture to manufacture cab frames for trucks. Daimler Truck announced its exit from the Russian market in 2022, and its shares in the JV were transferred to the Russian partner. As regards it stake in Kamaz itself, the company last mentioned it in its 2022 report, saying that it had transferred the stake to Daimler AG in exchange for 132 million euros during a spin-off. Kamaz head Sergei Kogogin told Vedomosti in February 2024 that Daimler had sold its Kamaz shares, without naming the buyer.
Daimler Truck also manufactures hardware for the German Armed Forces.
Daimler Truck has become the 33rd entity added to Russia's sanctions list formed in accordance with Order No. 851, dated May 11, 2022. The list was last updated in the fall of 2022, when Erdgasspeicher Peissen Gmbh, the operator of the Katharina underground gas storage facility in Germany, a project implemented by Gazprom jointly with Verbundnetz Gas AG, was added to it. The first version of the sanctions list included the companies of Gazprom Germania Group, which the German government placed under external management and later nationalized, and EuroPolGaz, the owner of the Polish section of the Yamal-Europe gas pipeline.
Russia prohibits deals, including foreign trade contracts, with the entities on the sanctions list, the fulfillment of commitments as part of completed transactions, as well as financial operations benefiting these entities. At the same time, the government can issue temporary permits for individual deals.
