Japan’s Toyota said on Friday that it decided to end vehicle production in Russia, citing the interruption of supplies of key parts and materials. Meanwhile, Mazda has also announced it was discussing to end production at a joint venture plant in Vladivostok. Toyota had already suspended production in its St. Petersburg plant in March due to supply chain issues and also stopped importing to Russia. 

The European Union’s eights sanctions package against Russia is taking shape with the bloc looking at an oil price cap, tighter curbs on high-tech exports and more sanctions against individuals, in response to Putin’s nuclear rhetoric on Wednesday, announcement of a partial mobilization and support for plans to effectively annex parts of eastern Ukraine. EU foreign ministers agreed on an ad hoc meeting to discuss new sanctions, which is expected to include economic and individual measures. 

Chinese Ministry of Commerce said it suspects that the U.S. Inflation Reduction Act (IRA) is in violation with the WTO rules, and added that it will adopt measures to safeguard its rights when necessary. The ministry also said China will follow and evaluate the implementation of the U.S. law. The IRA, signed by Biden into law last month, eliminates federal tax credits for electric vehicles (EVs) made outside North America.