Russian assets of French car maker Renault have become state property

Renault will sell its majority stake in the carmaker Avtovaz to a Russian science institute.

The French carmaker says the deal includes a six-year option to buy back the stake.

Renault says its holding of nearly 68 per cent in the company would be sold to a Russian Institute.

More than 400 companies have withdrawn from Russia since it invaded Ukraine, leaving behind assets worth billions of dollars.

It’s believed the closing of these transactions are not subject to any conditions.

Its 100 per cent shares in “Renault Russia” will go to the city of Moscow.