Toyota has announced it will stop producing cars in Russia

Toyota Corp. on Friday officially announced it would stop manufacturing cars at its St. Petersburg plant. Meanwhile, the carmaker, in a released statement, promised to support its Russian employees in reemployment, retraining and was ready to help them financially.

The company stressed that Toyota had been closely monitoring developments over the past six months and was ready to resume operations at the St Petersburg plant if circumstances allowed for it.

"The decision to cease production of Toyota vehicles in Russia was not an easy for us. We want to express our gratitude to our employees for their hard work and dedication," the company said in a statement.