Philippe Donnet, CEO of Generali
The Lion withdraws its advisors in Ingosstrakh and Europ Assistance will close its businesses
Generali Insurance, Toyota And Volkswagen. The great business continues to come to terms with the Russian market after that fly and the Kremlin ended up in Western cross-sanctions sightsrestrictions that second Goldman Sachs will provoke this year a collapse of the economy of the federation of 7%.
After having set aside last March, due to the unanimous rejection (strong geopolitical risk And currency) in the strategic committee of Mediobanca, Caltagirone and Delfin entry into the Moscow company RETURN-Guarantee, dossier from two billion euros so according to rumors that, however, do not find confirmation the CEO Philippe Donnet he would also have made use of the mediation of the former French premier Nicolas Sarkozy (from strong ties in Russian land), General he decided to cease its activities in the country chaired by Vladimir Putin. In line with many other Italian companies that have left Russia as a form of protest against the invasion of Ukraine.
Volkswagen CEO Herbert Diess
With a note, the Trieste company has made it known that will close its representative office in the shadow of the Kremlin, the subsidiary Europ Assistance will stop operating in the market of the federation and the representatives of the Lion they will leave their posts in board of the fourth national insurance company Ingosstrakhof which it holds a minority share of 38.5%. A purely financial participation that yields a annual dividend flow and not connected to any joint venture operational and for which in the past the Lion he had also evaluated the increase in capital to direct its operations.
Toyota CEO Akio Toyoda
The freezing of the business on site on the part of Generali is added to the similar decisions, also taken today, by two others Big Corp of the G7 countries. Or Volkswagen And Toyota, the first two global car groups, the first with a German passport, the second Japanese. The Teutonic house of Wolfsburg he decided to stop production in Russia (in the sites of Kaluga And Nizhny Novgorod) and to block exports to the country. Choice followed closely by Toyota which stopped its platforms at the plant in St.Pietroburgoalso due to the difficulties in supplying components.
Other Japanese carmakers have also suspended or curtailed their activities in Russia, where they have limited exposure: Mazda, which sold 29,000 cars in Russia in 2021, will stop shipping parts to its Vladivostok factory. And all exports of products Honda to Moscow have been suspended until further notice due to the logistical challenge and international sanctions.
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