Renault's withdrawal from Russia

Renault's withdrawal from Russia

The Board of Directors of Renault Group unanimously agreed to sign the agreements to sell 100% of Renault Group's shares in Renault Russia to the city of Moscow and its 67.69% stake in Avtovaz to Nami, the Russian Central Institute for Research and Development of Automobiles and Engines. The closing of these transactions is unconditional and all necessary approvals have been obtained.

The agreement provides for a repurchase option by Renault Group for its stake in Avtovaz, which can be exercised at certain dates within the next six years. "Today we have made a difficult but necessary decision; and we are making a responsible decision towards our 45,000 employees in Russia, while maintaining the Group's performance and the possibility of returning to the country in a different context in the future. I am confident that Renault Group will continue to accelerate its transformation and exceed its medium-term objectives," said Luca de Meo, CEO of Renault Group. A non-cash adjustment to the carrying amount of the group's consolidated intangible assets, property, plant and equipment and goodwill in Russia is expected to be reflected in the 2022 half-year results. The Russian operations are accounted for as discontinued operations in Renault Group's consolidated financial statements for the half-year period ended June 30, 2022.