(ANSA) – MOSCOW, MAY 16 – The activities of the French car manufacturer Renault in Russia are now owned by the Russian state: the Ministry of Industry and Commerce of Moscow announced this in a statement.
The announcement follows Renault’s withdrawal from Russia following the invasion of Ukraine.
“Agreements have been signed for the transfer of Russian assets from the Renault group to the Russian Federation and the Moscow government,” the ministry said in the statement. The shares of Renault Russia were transferred to the Moscow city government and the State Automobile Research Institute (NAMI) became the owner of Renault’s stake in the Russian carmaker Avtovaz. Tass reports it.
The Moscow government now has 100% of the shares in Renault Russia, while a 67.69% stake in Avtovaz has passed to NAMI.
Avtovaz will continue to assemble the full range of Lada cars in its factories and will offer maintenance services for Renault cars in Russia. (HANDLE).