How the Japanese embargo on car exports will affect the Russian car market

by time news

2023-07-18 15:14:11

Japan may ban the supply of new and used cars with an engine capacity of more than 1.9 liters to Russia, as well as hybrid cars and electric cars, the Yomiuri newspaper writes on July 18. It is assumed that the relevant changes to the legislation will be approved by the government in July and will begin to apply in early August.

Since the start of the NWO in Ukraine, Japan has imposed several packages of sanctions against Russia. Now, the export of cars to our country is already under restrictions for more than 6 million yen (about 3.94 million rubles at the exchange rate of the Central Bank of Russia on July 18, 2023).

Japanese cars are very popular in Russia due to their high quality and low cost, writes Yomiuri. According to the Japanese Ministry of Finance, the volume of all exports to Russia in 2022 amounted to about 600 billion yen ($4.33 billion at the current exchange rate), which is about 30% less than in 2021. At the same time, used cars accounted for about a quarter of all export from Japan to Russia.

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