Renault withdraws from the Russian market

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French carmaker Renault has announced it is selling a majority stake in Russian carmaker Avtovaz in a deal that will cost it about 2.2 billion euros.

Renault is the last foreign company to leave after the Russian occupation of Ukraine.

Its nearly 70% stake in Avtovaz will be sold to the Russian Central Institute for Research and Development of Automobiles and Engines, named Nami. The deal includes a six-year option to buy the shares.

And its 100% stake in Renault Russia will go to the city of Moscow, the company said.

Moscow has said the company's Russian assets have now become state-owned.

"Today, we have made a difficult but necessary decision and we are making a responsible choice for our 45,000 employees in Russia," said Luca de Meo, chief executive.

In March, the carmaker said it was suspending work at its Moscow plant.21Media