Two sources familiar with the situation told Reuters that Renault Russia and the Avtovaz stake were sold for a symbolic one rouble ($0.016) each. The company’s 100% stake in Renault Russia will go to the city of Moscow. Pak said Moskvich production was expected to start this year. The Moscow plant will be renamed Moscow Automobile Factory Moskvich, he said. Renault said in March that it would suspend operations at the Moscow plant amid mounting pressure over its continued presence there since the start of the conflict in Ukraine.

Source: MetroXpress May 16, 2022 06:36 UTC