France's Schneider Electric to sell Russian assets to local management

The group employed 3,500 people in Russia and Belarus, while revenues generated by the Schneider Electric Russia operations accounted for 2% of sales, it said. Separately, Russia's Interfax news agency late on Tuesday reported that French carmaker Renault would transfer its 68% stake in Russia's biggest national carmaker Avtovaz to a Russian science institute.

French blue-chip Schneider Electric will sell its operations in Russia and Belarus to the local management, the electrical equipment maker said on Wednesday. As a result, the company said it would write off up to 300 million euros ($319.20 million) of net book value and make a non-cash reversal of the currency translation estimated at 120 million euros.

"We continue to comply with applicable sanctions and are progressing with a plan to transfer our Russia operations to our local leadership," the company's chairman and chief executive Jean-Pascal Tricoire said in a statement. The group employed 3,500 people in Russia and Belarus, while revenues generated by the Schneider Electric Russia operations accounted for 2% of sales, it said.

Separately, Russia's Interfax news agency late on Tuesday reported that French carmaker Renault would transfer its 68% stake in Russia's biggest national carmaker Avtovaz to a Russian science institute. ($1 = 0.9398 euros)