Mercedes leaves Russia's market

The German-based company has halted production and export of its products to Russia since the beginning of March.

But now it will completely leave the Russian market and sell shares to local investors.

The Japanese company Nissan left Russia earlier this month, and the same has been done by other car-producing companies Toyota and Renault.

Nissan has suffered losses of $700m after selling business to a state entity for a symbolic sum.

However, Harald Wilhelm, a Mercedes financial official, has said that leaving Russia, is not expected to have a major impact on the company's profits.

The European Business Association has said that 9,558 Mercedes vehicles have been sold in Russia from January to September, which represents a 72.8 per cent drop compared to last year.

The decision to leave comes after many Western companies left Russia earlier this year, including Starbucks, McDonald's and Coca-Cola.

Other car production companies, including: Jaguar Land Rover, General Motors, Aston Martin and Rolls-Royce, have stopped all operations in Russia shortly after the war began.

The war in Ukraine has begun on February 24th.

Russian President Vladimir Putin considers the war “special military operation” to demilitarise Ukraine.

The West has responded to Russia, striking the economy of this state with severe sanctions.

As a result of the war, thousands have died, and millions of others have been displaced from their homes.