Support The Moscow Times!

Kremlin Says Russia Pullout Is GM's Loss

The Kremlin said Thursday that it regretted a decision by General Motors' to reduce its presence in Russia and that the U.S. carmaker would lose out when the market returned to growth.

"We can express regret but on the other hand there never is a vacuum on the market, if one company leaves, other companies fill this gap and … the company unfortunately has put itself at a disadvantage for when the market picks up," Dmitry Peskov, the Kremlin spokesman, told reporters.

On Wednesday, GM said it would shut its Russian factory and wind down the Opel brand in the country in a move to restructure its business to cope with a prolonged slump in car sales.

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.