Tim Urquhart, principal analyst, said: ‘OEMs are increasingly looking at their business risk in Russia as a result of the collapsing value of the currency. There is little point in manufacturing and importing vehicles that are going to lose money simply because the ruble’s ongoing slide is so dramatic. And that's even if buyers can be found for these vehicles given the corresponding decline in the passenger car market.

‘According to IHS Automotive analysis, the light vehicle market is down by 11.6% in the first 11 months of the year, showing there is little organic demand in the market despite the introduction of the Russian government’s vehicle scrappage scheme at the start of September. With the ruble having lost around half its value against the dollar since the start of the year, and the economic stability that has been the cornerstone of the Putin administration under threat, it is likely that OEMs will look further at revising their Russian business strategies in the coming weeks and months.’