Russia presents “more questions than answers” at the moment says European supplier association, CLEPA, but despite undoubted challenges, the market is one for the long term.

Tensions between Moscow and the West continue as both sides square up against each other surrounding the annexation of Crimea and an unstable Eastern Ukraine.

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The Russian market is undergoing almost unprecedented falls in demand as successive months see large sales decreases in the teeth of high interest rates and soaring inflation.

“Before the crisis we did see the strategic value of Russia – it was a good growth area,” CLEPA CEO, Paul Schockmel told just-auto at the organisation’s Annual Reception in Brussels this week.

“Of course now with the political tensions, we have more questions than answers. It depends largely on political decision [s].

“The market is very down, that is clear, but still business people are looking long term.

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Schockmel added one of his CLEPA members would undertake a Russian mission shortly.

At the Brussels event, which saw around 300 people from the supplier world attend, Schockmel stressed the EUR18bn (US$19.5bn) CLEPA members invested in R&D every year, while the body also highlighted the “paradigm shift” of automated driving.

“Modern vehicles equipped with driver assistance systems can feel, listen and soon speak with their environment,” said Schockmel.

“Connectivity and autonomous driving are the new opportunities and challenges for the years to come and we are committed to deliver integrated solutions in cooperation with our customers, European authorities and all relevant stakeholders involved.”