The Japanese manufacturer had only one factory in the country, in Saint Petersburg, and a site in Moscow.
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This is the consequence of the retaliatory measures taken against Moscow. Japanese automaker Nissan will sell all of its assets in Russia to the Russian state, the Russian government announced on Tuesday (October 11th). The Ministry of Industry and Trade said the operation included the Nissan plant in St. Petersburg, which has been shut down since March, and a sales and marketing center in Moscow.
This is Nissan’s only plant in Russia, a minor Japanese group-wide market, which has confirmed the information in a separate statement, stating that “the sale should be formalized in the coming weeks after the approval of the competent authorities”. According to Nissan, the operation will result in a loss of 685 million dollars, but the company “maintains its forecasts” for 2022, “having anticipated zero activity” in Russia this year.
“The terms of the sale will give Nissan the option to buy out the entity and its businesses within the next six years.”, said the Japanese company, thus leaving open the possibility of a return to the country. But this transfer shows Moscow’s firm desire to nationalize the assets of large foreign companies that might consider ceasing their operations in Russia.