Renault has announced it is selling its majority stake in Russian carmaker Avtovaz, following pressure over its continued presence in the country.
The French carmaker says it would sell its 68% interest to a Russian science institute, while its shares in Renault Russia will go to the city of Moscow.
Russian Industry and Trade Minister Denis Manturov say Renault planned to sell its Russian assets for one symbolic rouble.
Renault Group said its board of directors had approved agreements to sell Renault Russia to the Moscow city entity, as well as its 67.69% stake in Avtovaz to the Russian Central Research and Development Automobile and Engine Institute.
The deal also included Renault's Moscow plant, Avtoframos, which makes Renault and Nissan models.