By Daniel Leussink TOKYO (Reuters) - Japan's move to bar most used-car sales to Russia slammed the brakes on a trade nearing $2 billion annually that ...
Church Brewing: where the customers are the congregation and the choir | SaltWireTOKYO - Japan's move to bar most used-car sales to Russia slammed the brakes on a trade nearing $2 billion annually that had boomed in the shadow of sanctions over Ukraine elsewhere, according to trade data and market participants.
Russia's demand for second-hand cars from Japan jumped sharply after global automakers, including Toyota, pulled back from operations following Moscow's invasion of Ukraine. More than half of the 303,000 used cars imported by Russia in the first eight months of the year came from Japan, according to figures from Russian analytical agency Autostat.
"Business is down about 70% and we've had to let a couple of people go because there isn't enough work," said Olesya Alekseeva, a logistics coordinator at SV Alliance.Japan has been a leading used-car exporter for decades. A system of mandatory inspections pushes the cost of maintaining used cars higher for customers in Japan. Financing costs for new car purchases, by contrast, are low.
Japan had originally banned exporting luxury vehicles to Russia in April last year. It added a prohibition on the export of heavy trucks in June.
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