By Kim Richters 
 

Germany's Daimler Truck Holding AG said Monday that it is suspending its business activities in Russia with immediate effect following the Russian invasion of Ukraine.

"We are closely monitoring the situation and will regularly review our decision. We will of course comply with measures taken by the German government and the EU," the truck manufacturer said.

Daimler Truck has a cooperation and a joint venture with Russia's truck maker Kamaz. The cooperation with the Russian company is only of civilian nature and the joint venture built only non-military Mercedes trucks and cabins for Kamaz, the company said.

Daimler Truck's former parent company Mercedes-Benz Group AG holds a 15% stake in Kamaz, according to FactSet. German business newspaper Handelsblatt, which first reported the truck maker's decision to halt activities, said Mercedes-Benz was considering to divest its stake.

A spokeswoman for Mercedes-Benz told Dow Jones Newswires that the auto maker is re-evaluating its business activities in light of the current events.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

February 28, 2022 05:50 ET (10:50 GMT)

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