The Russian media reported that Volkswagen AG could sell its Russian business – including an assembly plant and an internal combustion engine producer – to Austrian business conglomerate Steyr Automotive owned by ex-Magna CEO Siegfried Wolf. According to people familiar with the matter the company aims to resume the production of VW cars in Russia, suspended in March

in a response to Russia’s unprovoked invasion of Ukraine, under a different brand. VW will continue to supply components and spare parts to Russia as well as provide engineering services and thus keep benefiting from the Russian market. The production sites will be managed by Russia’s automaker GAZ Group owned by Wolf’s long-time Russian business partner Oleg Deripaska (currently under EU, US and UK sanctions). In 2010-2019 Siegfried Wolf himself chaired the board of GAZ Group and according to some media reports had a minority stake in the company.