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Nissan in a statement said it had decided to exit the Russian market and expected to incur an extraordinary loss of approximately 100 billion yen ($686.72 million) from the asset transfer.
The deal marks the latest major company exit since Russia sent tens of thousands of troops into Ukraine in February and mirrors a move by French carmaker Renault (EPA:RENA), which sold its majority stake in Russian carmaker Avtovaz to a Russian investor in May.
The sale to state-owned NAMI will include Nissan’s production and research facilities in St Petersburg as well as its sales and marketing centre in Moscow, the ministry said.
A source with knowledge of the deal said a “symbolic sum” had been paid. Renault reportedly sold its stake in Avtovaz for one rouble ($0.0157).
“‘Nissan Manufacturing Rus’ is transferring its assets to the state – a deal of great significance for the industry,” Industry and Trade Minister Denis Manturov said in a statement.
($1 = 145.6200 yen)
($1 = 63.8500 roubles)
