The Russia-Ukraine war, which broke out in February, unfortunately continues. While thousands of soldiers and civilians lost their lives in this process, a sanction bombardment was imposed on Russia on the grounds that it attacked Ukraine. French car company Renault also decided to stop production and showed its reaction against the country. Finally, it was announced that all assets of the company in the country were transferred to the Russian state. The 25 cents detail in the deal attracted a lot of attention.
Unexpected 25 cent agreement between Renault and Russia
Renault announced in March that it stopped production in the country, at the time the sanctions against Russia started. It turned out that the company, which has not taken a step back from its decision, has transferred all its assets in the country to the Russian state.
In the statement made by the Ministry of Industry and Trade of Russia, it was announced that an agreement was reached on the transfer of Renault’s assets in Russia to the Russian Federation and the Moscow government. While the financial details of the agreement remain confidential for now, a statement made by Russian Industry and Trade Minister Denis Manturov in April came to mind.
Denis Manturov announced in April that Renault’s assets in Russia would be transferred to the Russian state for 1 ruble, or 25 cents. Apart from that, after this situation became official, the company refused to answer the question of the world-famous news agency AFP, whether the deal was made for 1 ruble.
Within the scope of the agreement, it was announced that Renault’s 68 percent stake in Russian automaker Avtovaz was transferred to the automotive institute NAMI. However, the company will have the right to repurchase its share within 6 years.
So what do you think about this issue? Do not forget to share your views with us in the comments section or on the SDN Forum.
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