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Putin pledges support for foreign car makers if they place half of production in Russia

December 18, 2014, 15:22 UTC+3
The Russian president confirmed that among responses to Western sanctions over Ukraine, the Russian government had mulled a ban on imports of foreign cars
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MOSCOW, December 18. /TASS/. Russian President Vladimir Putin pledges support for those foreign car makers that agree to place more than 50% of production in Russia.

“We will of course support domestic producers, including foreign producers who come to Russia and agree to place 50 and more percent (of their production) here,” the president said at a major news conference on Thursday.

Putin confirmed that among responses to Western sanctions over Ukraine, the Russian government had mulled a ban on imports of foreign cars.

“Why? Because all global brands are already working in Russia. And a ban on imports of readymade vehicles will undoubtedly support their production. And secondly, this will be rather tough for the economies of the countries that are engaged in this sanction activity,” he explained.

However, “under the current rate of exchange this has no economic sense, as the rate has in itself dotted the i’s and crossed the t’s,” he said.

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