PARIS, May 16 (Reuters) – French automotive group Renault RENA.PA said in a statement on Monday that it had signed agreements to sell its subsidiary Renault Russia and its stake in Russian company Avtovaz, as part of the application European sanctions imposed on Russia because of the war in Ukraine.
The agreement provides for an option for Renault Group to buy back its stake in Avtovaz, exercisable at certain periods over the next 6 years, the statement said.
(Written by Tangi Salaün, edited by Matthieu Protard)