Renault’s business in Russia is now owned by Moscow. This was announced by the Russian Ministry of Industry and Commerce with a statement. “Agreements have been signed for a transfer of the Russian activities of the Renault group to the Russian Federation and the Moscow government,” the statement read.
The manufacturer, however, specified that it has kept the option that provides for the possibility of repurchasing its parts for six years. “The Renault Group Board of Directors unanimously approved the signing of the agreements to sell 100 per cent of the Renault Group’s shares in Renault Russia to the city of Moscow and its 67.69 per cent stake in Avtovaz to Nami ( Central research and development institute for automobiles and engines ”, explained the French group.