Companies sell their businesses in Russia

Oct 12 - Some Western companies have sold their Russian assets or handed them over to local managers to comply with sanctions over the war in Ukraine and respond to threats from the Kremlin that it may seize foreign-owned assets.

The French carmaker sold its majority stake in Avtovaz to the Russian state in 2022, reportedly for only one rouble but with a six-year option to buy it back.The German carmaker completed the sale of its Kaluga production plant and local subsidiaries in May.The French bank sold its Rosbank business to Russia's Interros Capital in May 2022, taking a 3.1 billion euro hit.

Finnish packaging maker Huhtamaki sold its Russian operations for 151 million euros and forestry firm Stora Enso exited the country with the sale of three corrugated packaging plants to local management last year.The restaurant operator in May closed the sale of its KFC business in Russia to Smart Service for 100 million euros.

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