Ford said it would exit Russia, after the automaker finalized a deal to sell its 49 percent stake in the Sollers Ford joint venture.
“Ford shares will be transferred to the Joint Venture for a nominal value,” the company said on Wednesday, adding that it retains the option to buy them back within a 5-year period “should the global situation change.”
The company had announced a full suspension of its operations in Russia in March.
Ford follows automakers including Mercedes-Benz, Toyota, Renault and Nissan in announcing an exit from Russia, after Western countries imposed sanctions on Moscow over its invasion of Ukraine, making it nearly impossible for manufacturers to do business there.
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