As the Russian outlet RBK reported, Renault’s assets in Russia now belong to the Russian government.
«Renault Group has agreed to give the Russian Federation and the government of Moscow its assets in Russia; we’ve signed the agreement,» the Russian Ministry of Industry and Trade said.
As a result, the government of Moscow is going to own 100% of Renault Russia’s stocks. Another asset, a 67.69% share of AvtoVAZ, is going to fall under the control of the Central Research and Development Automobile and Engine Institute (NAMI), while Rostech will keep the rest of the AvtoVAZ’s stocks.
The principal point in the agreement is the buy-back option for Renault. The French company can reclaim its share in AvtoVAZ within six years, according to the ministry.
«We’ve made a tough decision as we opted to support our 45,000 staff members in Russia, keep the company still efficient and reserve an opportunity to come back to Russia in the future,» said Luca de Meo, CEO of Renault Group.
In March 2022, Renault announced that the group is going to stop its operations in Russia. The news caused the company’s stocks to decline by more than 3%.