The manufacturer has sold its activities to the Russian state but says it has the possibility of buying back its shares until 2028.
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Renault is withdrawing from the Russian market for good. Two months after having suspended its activities in the country in response to the war in Ukraine, the French car manufacturer announced on Monday May 16 that its assets were now the property of the Russian state. “Today, we have taken a difficult but necessary decision and we are making a responsible choice towards our 45,000 employees in Russia, while preserving the group’s performance and our ability to return to the country in the future, in a context different”Renault CEO Luca de Meo said in a statement.
No financial details were provided on Monday, but Russian Industry and Trade Minister Denis Manturov said in April that Renault planned to sell its Russian assets for “a symbolic rouble”. According to the French manufacturer, Renault retains the option to redeem its shares during as well as “its stake in AvtoVAZ”, which manufactures Lada brand cars, until 2028. Russia was until recently Renault’s second largest market behind France, with nearly 500,000 vehicles sold in 2021.