Russian Court Freezes All Volkswagen Assets in Russia

Russian Freezes All Volkswagen Assets 

A court in Russia on Monday, froze all assets belonging to global auto manufacturing brand, Volkswagen. The court handed down the judgement on Monday for breach of contract. 

The judgement, according to Reuters, is sequel to suit filed by GAZ over alleged breach of contract.  

Volkswagen contract GAZ to keep running the German auto maker's brand following the latter's suspension of operation in Russia in the wake of Russia's invasion of Ukraine and subsequent imposition of heavy sanction on Moscow by western nations. It went ahead to terminate the contract as it attempted to sell the manufacturing plant to another company. 

But in its suit alleged it lost  billions of roubles as a result of the terminated contract following which the court froze the German auto maker company's assets.