Renault to transfer Avtovaz stake to Moscow government -Interfax

Renault SA will transfer its 68% stake in Russian carmaker Avtovaz AO to the Moscow government for a nominal sum but can buy the stake back, Interfax cited Russian Trade Minister Denis Manturov as saying on Tuesday.

Renault, the Western carmaker most exposed to the Russian market, said last month it would suspend operations at its plant in Moscow amid mounting pressure over its continued presence there since the country invaded Ukraine.