Putin says authorities should help home automobile business By Reuters

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© Reuters. FILE PHOTO: Employees work on an assembly line of the Aurus manufacturing plant in the town of Yelabuga in the Republic of Tatarstan, Russia May 31, 2021. REUTERS/Alexey Nasyrov/File Photo

LONDON (Reuters) – Russian President Vladimir Putin ordered his government on Thursday to come up with new measures to support the domestic car industry, which has seen sales tank since Moscow launched its invasion of Ukraine.

Amid a crunch on demand from Russian buyers and severe logistics problems as a result of Western sanctions slapped on Moscow, car sales slumped a record 83.5% in May, according to figures from the Association of European Businesses (AEB).

At a meeting with government officials broadcast on state TV, Putin said the government needed to look at how to support demand among car buyers despite the economic difficulties facing the country.

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