German tire and automotive electronics manufacturer Continental AG is closing its Russian business, said Nikolai Setzer, CEO of the company.
According to him, the past year presented many challenges for the company due to rising prices for raw materials, energy and logistics. However, the main reason for this decision is the war in Ukraine.
A year ago, the company announced that it was suspending its activities in Russia.
In February, The Economist wrote that the sanctions against Russia are returning the Russian business environment to a "corrupt and wild age of gangster capitalism."
Bloomberg also wrote about the return of Russian business to the “dashing 90s”. It noted that Russian entrepreneurs are forced to look for all kinds of ways to deliver goods to Russia in the face of severe sanctions pressure.