French car maker Renault has sold assets to the Moscow government

French car maker Renault has sold assets to the Moscow government - French car maker Renault has sold its Russian assets to the Moscow government. No financial details were provided but Russian Industry and Trade Minister Denis Manturov said in April that Renault planned to sell its Russian assets for "one symbolic ruble". In a statement Renault chief executive said "Today, we have taken a difficult but necessary decision; and we are making a responsible choice towards our 45,000 employees in Russia, while preserving the group's performance and our ability to return to the country in the future, in a different context”. Since President Vladimir Putin sent troops into Ukraine on 24 February, Renault has had difficulty keeping its operations going due to a lack of components following the imposition of Western sanctions. Ukrainian authorities have also put pressure on Renault, calling for a boycott of the company's vehicles until it pulls out of Russia.

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