Sanctions | Such is the case of a company from Vantaa that sells truck parts to Russia regardless of the war

of the United States HD-Parts, a company from Vantaa that can be found on the latest sanctions list, has increased its earnings enormously since the start of the Russian war of aggression.

In 2022, the company exporting truck spare parts to Russia guaranteed a turnover of around nine million euros and an operating profit of over two million euros. Two years earlier, the turnover remained at around 3.5 million and the profit at 400,000 euros.

The people of Vantaa Lasse and by Leena Lindqvist HD-Parts, founded by There has been enough demand because competitors' exports to Russia were reduced.

The company's most recent financial statement can be found in the trade register for 2022. According to it, the company's turnover during the financial year increased by 57 percent from the previous year, and the net profit after taxes for the financial year increased by 78 percent.

According to the financial statements, the company made its profit almost exclusively through foreign exports. Lasse Lindqvist estimated for Yle in November that at least three quarters of HD-Parts' turnover comes from exports to Russia.

Mightily MOT program investigated the operation of HD-Parts from the end of 2023. A Norwegian expert specializing in enforcement matters interviewed by MOT Erlend Björdvedt estimates that HD-Parts is one of the largest suppliers of truck spare parts to Russia in the western world and has exported hundreds of shipments to Russia that are in violation of the sanctions.

US Treasury Department by HD-Parts has exported thousands of truck spare parts to Russia after 2022. According to its product catalog, the company exports to Russia, among other things, electronic parts for trucks, filters, pressure and temperature measurement parts for engines, and bearings.

“It's roughly the same as taking weapons to the front,” said a professor specializing in the Russian economy interviewed by MOT Kari Liuhto from the University of Turku School of Economics.

Trucks and their spare parts are important products for the Russian military economy, because they can transport military equipment and tow cannons.

with HD-Parts has premises on Koivupuistoentie in Vantaa. The property is located along Tuusulanväylä in the vicinity of Helsinki-Vantaa airport.

The CEO of the company founded in 1977 is Leena Lindqvist, 74, and the chairman of the board is Lasse Lindqvist, 75. The board members of the family company are the couple's adult children Matias Lindqvist48, and Markus Lindqvist45.

The company's representatives did not respond to HS's inquiries over the weekend.

HD-Parts has offices in Vantaa.

In the financial statements, the company's drastically increased profit is explained as follows: “The company's increased profit was due to the multiplication of freight costs, which led to increases in our prices. Our competitors, on the other hand, reduced their own stock replenishments, which gave us a significant competitive advantage as the demand for parts later increased, which also increased our turnover.”

In other words, when others retreated, HD-Parts remained to meet the needs of Russian warfare – and reaped handsome profits from it.

Lasse Lindqvist admitted to Yle in November that some of the products supplied by HD-Parts may currently be banned. However, the Vantaa company denied that it had violated the sanctions.

According to Lindqvist's claims to Yle, he has inspection reports from the Customs which prove that HD-Parts' products have an export permit.

by HD-Parts the products sold are mostly spare parts suitable for Swedish Volvo and Scania trucks. HD-Parts procures spare parts directly from factories in China, for example.

Lasse Lindqvist told Yelle that he is not afraid of the idea that Russia would use Volvo and Scania trucks in the war against Ukraine.

“We have agreed that we will not politicize this war issue in any way,” Lindqvist reasoned.

According to the trade register, JD-Parts has 16 employees in addition to four owner-managers. In the most recent financial statement, the profit for the financial year, 2.15 million euros, is presented to be transferred to the retained earnings account and a dividend of 306,120 euros is presented to be distributed.

The company's board of directors estimated in its financial statements a year ago that sales at the beginning of the year started “promisingly”.

“Due to changes in world freight traffic, the future is uncertain and difficult to assess,” it added.

Lindqvist's family company HD-Parts is a spare parts wholesaler, the majority of whose sales have been directed to Russia since the start of the Ukrainian war.

The company the premises are from 2005. The professional magazine Ajolinja visited the property in 2020 and said that the interior is like a historical mansion. There were three hundred paintings on the walls and antique furniture.

“CEO Leena's 120-square-meter office could be covered in one interior design magazine,” Ajolinja described.

According to the story, Tulli raided HD-Parts premises in Vantaa in 2013, “and the Lindqvist couple will never forget it”.

Customs alleged that HD-Parts had evaded the 85% anti-dumping duty imposed on Chinese general parts for two products. According to Lindqvist, HD Parts had to pay three times a total of 300,000 euros and 100,000 euros, plus legal fees.

HD-Parts is suspected to have made millions by equipping the Russian military economy.

Generation change in the company was made in 2013 and since then the boys Matias Lindqvist has been responsible for marketing and Markus Lindqvist for the warehouse.

The EU classifies the vehicles as economically critical, meaning they are considered to strengthen Russia's industrial capacity.

“Trucks are essential for the Russian armed forces, and Russia is suffering from a shortage of spare parts for trucks,” the US Treasury stated in its press release.

The latest US sanctions target the president Joe Biden including “persons connected to Navalny's imprisonment and the Russian financial sector, the defense industry [ja] to procurement networks”.

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