Renault approves sale of its Russian assets

French carmaker Renault says it is selling its Russian branch to Moscow City and its stake in Russian company Avtovaz to a local state-owned institute.

Renault said Monday its board of directors approved the deal to sell its 67.69% stake in Avtovaz, the company making Lada, to NAMI, the scientific research automobile and automotive engine institute of the Russian Federation.

The agreement provides for a six-year option for Renault to buy back its stake in Avtovaz.

The CEO of Renault Group, Luca de Meo, called it “a difficult but necessary decision”.

He says, “We are making a responsible choice towards our 45,000 employees in Russia while preserving the Group's performance and our ability to return to the country in the future, in a different context.” In March, Renault said it would pause production at its Moscow plant amid mounting criticism of its foothold in the Russian Federation.

___ Brussels: Canada says it supports plans from Finland and Sweden to join NATO amid Russia's war in Ukraine.

Melanie Joly, Canada's minister of foreign affairs, spoke Monday in Brussels ahead of meeting with the European Union's top diplomat Josep Borrell.

Joly said Canada is in favor of a “quick accession” for both countries. “Our goal is to be among the first countries to be able to ratify the accession of Sweden and Finland,” she said. That process in the past has taken eight months to a year.

Given the security crisis sparked by the war and the potential threat to Finland and Sweden, NATO countries are keen to move fast if the pair of nations officially apply, which they have not done yet.

Asked whether Canada would be in favor of Ukraine's joining the military alliance, Joly said her country is in favor of an “open-door policy” but stopped short of endorsing such a move, which is unrealistic at this stage since it would require allies to intervene military in the war-torn country.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)