U.S. sanctions preventing VW buying stake in Russian automaker GAZ: RIA

A Volkswagen logo is seen on a new car model at the 89th Geneva International Motor Show in Geneva, Switzerland March 5, 2019. REUTERS/Denis Balibouse - Copyright DENIS BALIBOUSE(Reuters)

By Reuters

Published on 06/03/2019 - 16:34•Updated 27/04/2024 - 02:06

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MOSCOW (Reuters) - Volkswagen cannot buy a stake in Russian automaker GAZ because the company is under U.S. sanctions and talks on a deal have been suspended, the RIA news agency cited the head of the Russian office of Volkswagen as saying on Wednesday.

GAZ was placed under U.S. sanctions last year. In December, the U.S. Treasury extended a deadline for investors to divest from GAZ to March 7.