Chinese cars, televisions and smartphones are replacing German and South Korean imports in Russia as its market is reshaped by sanctions and an exodus of brands in the wake of Russian President Vladimir Putin’s invasion of Ukraine.
The result is upending trade, with Russia seeking to insulate itself from further disruptions by pivoting to goods from countries that haven’t joined sanctions imposed by the U.S. and its allies. Moscow is also rewriting rules to allow its sovereign wealth fund to invest in the currencies of China, India and Turkey, after penalties blocked euro and dollar purchases.
"Apart from Chinese cars, there is nothing out there at all,” said Vladimir, a metals industry executive who bought a new Chery Automobile Tiggo SUV in Moscow this month. He declined to give his last name.