Volvo, as part of Geely, is an international war sponsor

The National Agency on Corruption Prevention (NACP) reported that the Volvo Cars automobile company is part of the Zhejiang Geely Holding Group, a multidisciplinary group of companies included in the International War Sponsors list. This means that Volvo Cars, as part of a group of companies - "an international sponsor of war," has a similar designation.

This is stated in the response of the NACP to the information request.

Geely is owned by Chinese billionaire entrepreneur Li Shufu and owns several brands, including Geely Auto, Lynk & Co, Zeekr, Volvo Cars, Polestar, Lotus, London Electric Vehicle Company, Farizon Auto, and CAOCAO Mobility.

According to the NACP, sales of cars under the Geely brand in the aggressor state of the Russian Federation in the first three months of 2023 more than doubled compared to last year. The distributor of the Geely brand in Russia is Geely Motors LLC, which for 2022 paid taxes to the Russian budget in the amount of more than USD 51.4 million.

As of May 2023, the network of official Geely dealers is represented in 89 Russian cities and has 157 dealer centers. Thus, Geely continues to pay taxes to the budget of Russia, actively support its economy, and, accordingly, sponsor aggression against Ukraine.

It will be recalled that as of June 19, the NACP included 28 Western legal entities in the list of international sponsors of the war. Distribution by country of international companies sponsoring the war: China - 7, Greece - 5, France - 4, USA - 3, Italy - 2, Austria - 1, Belgium - 1, Estonia - 1, Germany - 1, Hungary - 1, India - 1, Great Britain - 1.

It should be noted that the company's designation as an International War Sponsor has no legal consequences; the company's losses are only reputational.

Earlier, the head of the NACP, Oleksandr Novikov, announced the creation of a list of international war sponsor brands that pay taxes to the budget of the Russian Federation and indirectly finance the war against Ukraine. According to him, currently, the NACP is working on putting such "red labels" on all international companies that have remained on the Russian market.

As the Ukrainian News agency earlier reported, on June 23, the NACP added the Chinese automobile corporation Geely to the list of sponsors of the war.