Car distributor Inchcape begins transition of Russia operations

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Published: Mar 15, 2022, 07:35 GMT+00:00

(Reuters) - British car distributor Inchcape said on Tuesday it had started transitioning its Russian business after noting ownership interests in the country were "no longer tenable" amid Western sanctions on Moscow following its invasion of Ukraine.

Car distributor Inchcape begins transition of Russia operations

(Reuters) – British car distributor Inchcape said on Tuesday it had started transitioning its Russian business after noting ownership interests in the country were “no longer tenable” amid Western sanctions on Moscow following its invasion of Ukraine.

Inchcape’s retail-only business in Russia accounted for about 10% of the group’s revenue in 2021 after it sold operations in St. Petersburg, the London-listed company said.

(Reporting by Shanima A in Bengaluru; Editing by Sherry Jacob-Phillips)

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