28 Feb 2024 16:39

Manturov regarding new U.S. sanctions on automakers: cos were prepared, everyone has a 'plan B'

MOSCOW. Feb 28 (Interfax) - Russian companies, consolidating a number of assets in the automotive industry, including NAMI FSUE and Aurus LLC, included last week in the SDN List by the US Treasury Department, were preparing for sanctions and have plans for further development in light of the restrictions, Deputy Prime Minister and Russian Industry and Trade Minister Denis Manturov said.

"I cannot say that we did not expect them [sanctions] or were not prepared for them. All companies that receive such 'news' are naturally ready for it and always have a 'plan B'," he told reporters when asked about the impact of the new package of sanctions on the domestic car industry.

As reported, OFAC (Office of Foreign Assets Control, a division of the U.S. Department of the Treasury responsible for sanctions enforcement) included NAMI FSUE and its subsidiaries related to the Russian automotive industry under the jurisdiction of the Ministry of Industry and Trade in the sanctions list. In addition to the FSUE itself, the sanctions included Auto Holding LLC (formerly Lada Auto Holding LLC), through which NAMI controlled AvtoVAZ , which was previously included in the SDN List; Aurus LLC, which produces Aurus luxury cars; Shushary-Auto LLC, which manages the former Russian Toyota plant, where Aurus is reportedly planned to be produced.

Also included in the sanctions list were NAMI Innovative Components and Services LLC (formerly Robert Bosch Samara LLC, a consolidated former Bosch plant for ABS/ESP systems) and NAMI Fibet engineering LLC.