Russia's light-vehicle market is still in the mire as a result of the very poor macro environment and it remains to be seen if subsidized car loans will move the dial.

The Russian light-vehicle market suffered a highly accelerated decline in sales in January 2015 due to the ongoing macroeconomic stress the market is facing, recording a 24.4 percent year-on-year decline to 115,390 units, according to the latest data released by the Association of European Businesses.