The Renault Group has sold its stake in Russian car maker Avtovaz to the Russian Central Research and Development Automobile and Engine Institute, following Russia's invasion of Ukraine.
The French firm owned a 67.69% stake in Avtovaz, which employs more than 45,000 people in Russia and builds various Dacia, Lada and Renault models.
Part of the deal with the Russian research institute includes a six-year option for the Renault Group to re-purchase its stake in Avtovaz, indicating that the company could return to Russia in the future.
Renault Russia, meanwhile, will be sold off entirely to the city of Moscow.
