Daimler Truck suspends business activities in Russia | Investment News

BERLIN (Reuters) – Daimler Truck said on Monday it would freeze its business operations in Russia with immediate effect, including its cooperation with Russian truckmaker Kamaz. No more trucks will be built under the partnership between Daimler and Kamaz, and no more components will be supplied to it, the group said in an internal memo seen by Reuters.

“Our cooperation with Kamaz is of a purely civilian nature and was only concluded with this objective,” the memo reads.

“In this cooperation, it goes without saying that we have always strictly adhered to all applicable export control and sanction regulations,” he added.

Daimler Truck said it was deeply shocked by the military violence in Ukraine and said it was monitoring the situation closely. “We will respect all measures taken by the German government and the EU,” he said on Twitter.

The Mercedes-Benz Group is also studying legal options to sell its 15% stake in Kamaz as soon as possible, the Handelsblatt newspaper reported.

A Mercedes spokesman said Reuters’ business operations should be reassessed in light of current events.

The Mercedes-Benz Group, formerly Daimler AG, was the parent company of Daimler Truck before the truck manufacturer split.

(Reporting by Ilona Wissenbach; Writing by Miranda Murray; Editing by Zuzanna Szymanska, Kirsti Knolle)

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