Volkswagen Russian Assets Frozen in Win for Sanctioned Billionaire Deripaska [BNN Bloomberg (Canada)]
McDonald's Corporation (MCD)
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Source: BNN Bloomberg
The decision by a court in Russia's Nizhny Novgorod region came in response to GAZ Group's lawsuit seeking to recover 15.6 billion rubles ($203 million) in damages from Volkswagen over the termination of an assembly contract, according to court documents dated March 17. The asset freeze affects a 4,000-worker factory in Kaluga and the Volkswagen Group Rus import business, which also encompasses units belonging to Porsche AG. Many international companies from McDonald's Corp. to Ford Motor Co. have cut ties and shuttered locations in Russia in response to economic sanctions following Vladimir Putin's invasion of Ukraine last year. For a lot of them, such as BP Plc, Dutch mobile provider Veon Ltd., Philip Morris International Inc. and now Volkswagen, the exit has been cumbersome. Deripaska and his companies have been under US sanction since 2018, and he was also placed under European penalties after the invasion of Ukraine. Volkswagen had operated under a special license from the
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MCD
Earnings
- 2/5/24 - Beat
MCD
Sec Filings
- 4/18/24 - Form PX14A6G
- 4/9/24 - Form PX14A6G
- 4/8/24 - Form DEFA14A
- MCD's page on the SEC website