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Renault assets in Russia are now owned by Moscow

LRenault’s assets in Russia are now owned by the Russian state, the Russian Ministry of Industry and Trade announced on Monday (May 16th), following the withdrawal of the French car manufacturer following the invasion of Ukraine. “Agreements have been signed for a transfer of Russian assets from the Renault group to the Russian Federation and the Moscow government,” the ministry said in a statement.

The automotive group, which also confirmed on Monday the sale of its stake in the Russian manufacturer AvtoVAZ, manufacturer of Lada, said it would keep the option to buy back its shares for six years.

“Renault Group’s board of directors has unanimously approved the signing of agreements to sell 100% of Renault Group’s shares in Renault Russia to the city of Moscow and its 67.69% stake in AvtoVAZ to NAMI (l ‘Central Automotive and Engine Research and Development Institute),’ it said in a statement, without confirming any amount. “The agreement provides for an option for Renault Group to buy back its stake in AvtoVAZ, exercisable at certain periods over the next 6 years,” he adds.

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