Over 400 firms have withdrawn from Russia since it invaded Ukraine on February 24, leaving behind assets worth billions of dollars
Renault cars are parked outside a showroom in Saint Petersburg. Picture: REUTERSplant in Moscow by the end of next week, the ministry of industry and Trade said on Thursday, after the carmaker announced it was suspending operations there.the biggest player in the Russian car market, said on Wednesday it stopped production at the plant and would assess its options on its majority stake in Avtovaz, Russia’s number one carmaker following Russia's invasion of Ukraine.
The government's comments about the future of the factory come after the Kremlin suggested it could nationalise assets of foreign firms that left the country. “The ministry of industry and trade will discuss the prospects of developing the Renault Russia factory with the MoscowThe factory in Moscow owned by Renault produces the Renault Duster, Kaptur, Arkana and Nissan Terrano models.
“The ministry of industry and trade is in constant contact with Avtovaz and Renault Group management,” the ministry said in a statement.Avtovaz, which is controlled by Renault and produces the Lada and Renault car brands, partially halted output at its plants inThe Russian industry ministry said that everything necessary was being done to resume operations at Avtovaz’s assembly lines, including the creation of components stocks.
More than 400 companies have withdrawn from Russia since it invaded Ukraine on February 24, in what Moscow calls “a special military operation”, leaving behind assets worth billions of dollars.have faced criticism over their continued presence in the country.
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