(Yicai Global) July 3 -- Great Wall Motors said its dispute with its Russian distributor Irito Group has had no material impact on its financial results this year.

The listed company based in Baoding in China's eastern Hebei province announced this in a filing with the Hong Kong stock Exchange today.

Depreciation of the ruble from October 2014 on rendered Moscow-based Irito unable to make USD48.44 million in payments which fell due. Great Wall Motors made allowance for bad debt of about CNY323 million (USD46.9 million) in 2017, which was 0.33 percent of its total operating income for last year, per the statement.

The situation with Irito will not otherwise adversely affect its business in Russia, the company added.

Editor: Ben Armour