Japan cuts off $2 billion used-car exports to Russia

Oct 03 (The Moscow Times) - Japan has cut off a lucrative $2-billion backchannel for used-car exports to Russia, Reuters reported Monday, citing trade data and market participants.

Japan, the world’s leading used-car exporter, initially banned the export of luxury vehicles and heavy trucks to Russia after Moscow invaded Ukraine last year.

In August, Tokyo expanded the ban to include new and used cars with gasoline and diesel engines above 1.9 liters, as well as hybrids and electric vehicles, in alignment with EU sanctions.

The new ban drove down prices for second-hand vehicles in Japan and forced brokers to seek out destinations other than Russia, according to Reuters. ...continue reading

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