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Russia will consider support for car market

Russia will consider support for car market

Russia will consider taking measures aimed at supporting the auto market, Russian news agencies quoted Prime Minister Dmitry Medvedev as saying on Tuesday.

“We will of course think how to stimulate this market,” Medvedev was quoted by Interfax as saying

He added that he planned to meet the Economy and Industry ministries to discuss the possible measures

Car sales in Russia fell 23 percent to 180,767 year-on-year in July in the latest sign that Russian consumers are growing increasingly worried about the impact of the Ukraine crisis.

Seven-month sales were down 10 percent to 1.4 million, according to the Association of European Businesses (AEB) lobby group. The AEB slashed its forecast for Russian car sales and said it expected a 12 percent drop this year to 2.45 million vehicles, having previously forecast a decline of just 1.6 percent.