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.
