The OFAC organization (Office of Foreign Assets Control, a division of the US Treasury Department responsible for sanctions enforcement) included AvtoVAZ Auto Finance Bank in its sanctions list. about this reports interfax.ru.
“According to OFAC, it became one of more than 50 Russian banks subject to US sanctions. At the end of the second quarter of 2024, the bank ranked 57th in terms of assets in the Interfax-100 ranking.
The bank has provided more than 600 thousand vehicle loans since 2013.
Before that, Sergei Chemezov, head of the Rostec state company statedIt was stated that Russian officials discussed support measures due to the increase in AvtoVAZ’s debt burden.
“Actually, AvtoVAZ’s credit burden is high. We continue to invest in deepening localization, increasing production and updating our model range. Because there is no competition without investment. But with the increase in the key interest rate, interest payments to banks have increased by billions of rubles per year,” said Chemezov.
In his opinion, it would be better if this money went to investment programs. Therefore, the relevant committees are now discussing how to help AvtoVAZ.
Previously reportedAvtoVAZ began offering Largus at a large discount.
What are you thinking?
Source: Gazeta
Anika Rood is an author at “Social Bites”. She is an automobile enthusiast who writes about the latest developments and news in the automobile industry. With a deep understanding of the latest technologies and a passion for writing, Anika provides insightful and engaging articles that keep her readers informed and up-to-date on the latest happenings in the world of automobiles.