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Renault Hands Lada Maker to Russia as Price of War Mounts

  • Moscow city to make Moskvich cars at Renault’s plant: mayor
  • Russia was Renault’s second-biggest market after France
A Lada Xray SUV. 
A Lada Xray SUV. Photographer: Yuri Kadobnov/AFP/Getty Images
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Renault SA agreed to transfer its 2.2 billion-euro ($2.3 billion) Russian business to state entities for a symbolic sum in what amounts to a nationalization triggered by the war in Ukraine.

The French manufacturer’s majority stake in carmaker AvtoVaz -- which produces the top-selling Lada brand -- will go to a state-run automobile research institute known as NAMI, while the city of Moscow will take over an assembly plant near the Russian capital, according to a statement Monday.