Russia’s largest carmaker warned the credit crunch was taking a heavy toll on its customers, dealers and suppliers in a clear sign the real economy of one of the world’s most promising emerging markets is being hit by the crisis.

Yann Vincent, chief operating officer of Avtovaz, told the Financial Times the lack of credit was “jeopardising the consumption of cars”, dealers could not afford to pay for vehicles they had already received, and the weak situation of many suppliers was “threatening our balance sheet”.