Renault is to transfer its majority stake in Russian carmaker Avtovaz to a public research institute for the symbolic price of one rouble, according to local reports.
The Avtovaz holding will be handed to the state-backed industry body NAMI, with the French carmaker having the option of a buyback within five or six years, said the news agency Interfax, citing Russian trade minister Denis Manturov.
This move would be one of the clearest examples yet of the stark scenarios facing western companies trying to leave Russia.
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