Tradelines News

Get the latest news and updates on cross-border customs and international trade.

Bombardier’s $3.4B Russian Venture on Hold amid Sanctions

Posted October 31, 2014

Under Economic Issues, International Trade Issues

(Canadian Press)

Bombardier is suspending negotiations on a $3.4-billion proposal to assemble turboprop aircraft in Russia due to the country’s political situation and weak economy.

“We’re not moving ahead because the conditions are not right at this point in time for a joint venture in Russia,” president and CEO Pierre Beaudoin said Thursday during a conference to discuss the company’s third-quarter results.

The Montreal-based train and aerospace concern was hoping to conclude negotiations this year with Russian’s Rostec for the assembly of 100 Q400 regional jets. Read more here.