“Given the ongoing situation, Ferrari has taken the decision to suspend the production of vehicles for the Russian market until further notice,” the company said in a statement on Tuesday.

“We continue to monitor the situation closely and will always respect all rules, regulations and sanctions.”

Ferrari has also donated €1 million to support Ukrainians refugees fleeing to Italy’s northern Emilia-Romagna region, the home of the company, with the funds going towards humanitarian projects overseen by the Red Cross and UNHCR.

Lamborghini also announced on Tuesday that it was putting all business with Russia “on hold” due to the war in Ukraine.

The company expressed its deep sadness over the conflict in Ukraine and said it is observing the situation “with grave concern” amid “hopes for a swift end to hostilities and a return to diplomacy”.

It also announced that it is preparing to make an unspecified donation to UN Refugee Aid in Ukraine. 

Ferrari  and Lamborghini add to a number of companies, including carmakers, other manufacturers and luxury goods groups, that have taken action to limit, put on hold or exit business activities in Russia following Moscow’s invasion of Ukraine.