Renault sells its Russian business and a stake in the Lada manufacturer for two billion euros

In this case, the company will write off assets from the accounts for the amount of 2.2 billion euros.

Russia accounted for about 10% of Renault's sales and half of its operating profit.  Renault has lowered its operating margin forecast for 2022 to 3% from 4%.

However, the company plans to return to the Russian market in the future. "The company is looking for a solution that will allow them to keep their jobs in the future without running away or giving up," said Renault CEO Luca de Meo.