Renault is selling its entire Russian operation including its stake in Lada-maker Avtovaz for 2 roubles, in one of the most significant retreats by a foreign company since the invasion of Ukraine.
The French group’s exit, which involves a €2.2bn writedown and the sale of its businesses in Russia to a state-backed group and to the City of Moscow, highlights the lack of options for businesses trying to leave the country without huge losses on their investments.
Chief executive Luca de Meo told the FT last week that the decision to leave Russia had been “painful”, but that the company was “forced to decide” because it was unable to build cars in the country.
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