[Summary translation prepared by Business and Human Rights Resource Centre]

Tire manufacturer Continental closes business in Russia, 09 March 2023

One of the world's largest manufacturer of car tires and electronics - German company Continental AG, is closing its business in Russia, said its general director Nikolai Setzer. According to him, the main reason for such a decision is the war in Ukraine.

'The Insider' notes that a year ago, with the beginning of the full-scale invasion of the Russian army into Ukrainian territories, Continental AG announced the "suspension" of its activities.

Continental will sell its Russian business, including a factory in Kaluga. In addition, the general director said that in relation to its commercial activities in Russia Continental depreciated its assets of 87 million euros as a result of the sanctions.

'Kommersant' notes that, in addition to Kaluga production, Continental is involved in a joint venture in Tatarstan, where tachographs for commercial cars are produced. The number of Russian employees at the company is estimated at 1300 people...