Nissan will hand over its business in Russia to a state-owned entity for €1 ($0.97), it said on Tuesday, taking a loss of around ¥100 billion ($687 million) in the latest costly exit from the country by a global company.
The Japanese automaker would transfer its shares in Nissan Manufacturing Russia to state-owned NAMI, it said. The deal will give Nissan the right to buy back the business within six years, Russia's industry and trade ministry said.
The deal makes Nissan the latest major company to leave Russia since Moscow sent tens of thousands of troops into Ukraine in February. It also mirrors a move by Nissan's top shareholder, French automaker Renault, which sold its majority stake in Russian carmaker Avtovaz to a Russian investor in May.