Ford and Mercedes-Benz complete their exits from Russia

Ford Motor Co. and Mercedes-Benz are the latest Western companies to close up shop in Russia, with the moves coming more than eight months after Russian troops invaded Ukraine.

"We confirm that Mercedes-Benz intends to withdraw from the Russian market and to sell its shares in its subsidiaries to a local investor," a spokesperson told CBS MoneyWatch in an email on Wednesday. "Mercedes-Benz has already suspended the export of passenger cars and vans to Russia as well as the local manufacturing in Russia at the beginning of the year."

Harald Wilhelm, the German automaker's chief financial officer, on Wednesday alluded to the challenging business environment created by the conflict.