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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":646,"relatedVideos":647},112467624058145,"b601a86b-8fc3-4a34-92ea-c15b4335847a","What does the Russian EV market look like after three years of sanctions?","what-does-the-russian-ev-market-look-like-after-three-years-of-sanctions","article/what-does-the-russian-ev-market-look-like-after-three-years-of-sanctions",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":627,"featured":50,"reporter":628,"_editable":632,"component":633,"seo_title":543,"categories":634,"visibility":638,"author_company":49,"featured_image":639,"seo_description":627,"author_full_name":49,"author_job_title":49,"formattedDate":644,"formattedArticleDate":645},"6b48dade-5bd1-4cee-ab2d-c59ca91649c1","2025-06-05 00:00",[550,553],{"slug":551,"name":552},"china","China",{"slug":554,"name":555},"russia","Russia",[557],{"slug":558,"name":559,"content":560},"didi-bostock","Didi Bostock",{"job_title":561,"image":562,"bio":564,"linkedin":565},"Editor - Energy Transition & Economics",{"filename":563},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":567,"content":568},"doc",[569,576,583,588,597,602,607,612,617,622],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573],{"text":574,"type":575},"Western sanctions on Russia were significantly expanded in February 2022 following the full-scale invasion of Ukraine. Since then, its EV market has continued to evolve, but in a different direction to western markets. Following an exodus of previously well-established western brands, Chinese players have moved in to fill the gap. Russian BEV sales rose 27% year-on-year in 2024, compared to a 2% increase seen in Europe. But BEV sales penetration remains low at just above 1%, and the country’s Q1 2025 sales have showed a marked drop compared to the same period in 2024.","text",{"type":577,"attrs":578,"content":580},"heading",{"level":579,"textAlign":49},4,[581],{"text":582,"type":575},"Who were the biggest players operating in Russia in 2024?",{"type":570,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":575},"The top three EV companies accounted for approximately 60% of BEV sales in 2024, with the top player being China’s Zeekr, followed by two Russian players, Moskvich and Evolute. Notably Chinese EV players feature strongly in the market due to a lack of export restrictions and deepening economic ties between the two since 2022. Additionally, EVs made by domestic players Moskvich and Evolute are both made in partnership with Chinese brands. Despite trading restrictions, VW, Tesla and Honda also had sales into the hundreds. It is expected these vehicles were imported from China, from where they were produced.",{"type":570,"attrs":589,"content":590},{"textAlign":49},[591],{"type":592,"attrs":593},"image",{"id":49,"alt":594,"src":595,"title":49,"source":49,"copyright":49,"meta_data":596},"","https://a.storyblok.com/f/287943243085208/1549fac6fa/bm-image-20-44254e176e.png",{},{"type":577,"attrs":598,"content":599},{"level":579,"textAlign":49},[600],{"text":601,"type":575},"What is the outlook for Russia’s EV sales?",{"type":570,"attrs":603,"content":604},{"textAlign":49},[605],{"text":606,"type":575},"While Russia’s BEV sales saw strong growth in 2024, albeit from a small base, the country’s Q1 sales saw a 70% decline. This decline was seen across all players and is largely down to the increase of the “recycling fee” at the start of 2025. ",{"type":577,"attrs":608,"content":609},{"level":579,"textAlign":49},[610],{"text":611,"type":575},"What is the “recycling fee”?",{"type":570,"attrs":613,"content":614},{"textAlign":49},[615],{"text":616,"type":575},"The recycling fee is a tax imposed on vehicle purchases aimed at covering the cost of recycling the vehicles at the end of life. Companies that produce vehicles domestically, using Russian materials, are eligible for “localisation points”. Once accruing enough points, manufacturers are eligible for subsidies and government contracts. In 2025, the Russian government aimed to nearly double earnings from this tax to RUB2.01 trillion (USD25 billion) from RUB1.08 trillion (USD14 billion) in 2024. Subsequently, car prices have increased, resul ting in total vehicle sales falling.",{"type":570,"attrs":618,"content":619},{"textAlign":49},[620],{"text":621,"type":575},"Under the scheme new imported EVs now face an additional RUB667,400 (USD8,400) fee. According to the Industry and Trade Ministry these fees are set to increase annually by 10% to 20% annually though to 2030.",{"type":570,"attrs":623,"content":624},{"textAlign":49},[625],{"text":626,"type":575},"Considering the increased “recycling fees” combined with a lack of charging infrastructure, and a challenging consumer environment, Russia’s EV market is expected to remain small in the near to midterm.","Western sanctions on Russia were significantly expanded in February 2022 following the full-scale invasion of Ukraine. Since then, its EV market has continued to evolve, but in a different direction to western markets. Following an exodus of previously well-established western brands, Chinese players have moved in to fill the gap. Russian BEV sales rose 27% […]",[629],{"slug":558,"name":559,"content":630},{"job_title":561,"image":631,"bio":564,"linkedin":565},{"filename":563},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6b48dade-5bd1-4cee-ab2d-c59ca91649c1\", \"id\": \"\"}-->","article",[635],{"slug":636,"name":637},"ev","EV","private",{"id":49,"alt":640,"name":594,"focus":594,"title":640,"source":594,"filename":641,"copyright":594,"fieldtype":642,"meta_data":643,"is_external_url":51},"Russian EV sales","https://a.storyblok.com/f/287943243085208/d657922a34/bm-adobestock-853540750-scaled.jpeg","asset",{"alt":640,"title":640,"source":594,"copyright":594},"Jun 05, 2025","5th June 2025",[],[],1782314513500]