Hyundai begins to lay off employees of Russian car plant

This was reported by Interfax.

"Due to the ongoing suspension of production processes, Hyundai Motor is taking steps to optimize staffing in Russia. The company will fulfill all social obligations to affected employees, including the severance pay for those who have resigned by agreement of the parties," reported in the press service of the company.

In October, the South Korean newspaper Tona Ilbo reported with reference to sources that Hyundai is considering the option of selling its plant in the Russian Federation due to the impossibility of conducting normal financial activities. In particular, the ability to transfer funds between the company's central office and the Russian branch is limited.

The plant in St. Petersburg has suspended the production of cars since March 1 of this year due to difficulties with the components supply.

The assembly of Hyundai cars continued at the Avtotor plant in Kaliningrad, but recently stopped.  At the same time, Hyundai continued to pay salaries to employees, as well as for the maintenance of the plant.