Court Freezes Volkswagen Assets In Russia: Report

A court in Russia has reportedly frozen all of the assets of Volkswagen AG (OTC: VWAGY) in the country.
The development comes after auto manufacturer GAZ, which had the contract to produce Volkswagen vehicles at its factory in Nizhny Novgorod, sued the German carmaker for breach of contract, reported Reuters.
Volkswagen terminated the agreement after foreign carmakers halted their Russian operations in response to Moscow’s invasion of Ukraine.
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GAZ said it estimated a loss of 16 billion roubles ($207.79 million) from the winding up of the contract.
Volkswagen has been trying to sell its Russian factory in Kaluga, south of Moscow.
The plant, which has been furloughed since March 2022, has a total capacity of 225,000 vehicles a year.
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Price Action: VWAGY shares closed lower by 3.80% at $16.32 on Friday.
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