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Renault announces suspension of activities at Moscow plant

24 March 2022 09:54 (UTC +04:00)

France’s car producer Renault has suspended the operation of its Moscow plant and it is assessing available options regarding the stake in Avtovaz, the company’s press service said in a statement on Wednesday, APA reports citing TASS.

"The Board of Directors of Renault Group met today and approved the following items: Renault Group activities in its manufacturing plant in Moscow are suspended as of today. Regarding its stake in Avtovaz, Renault Group is assessing the available options, taking into account the current environment, while acting responsibly towards its 45,000 employees in Russia," the statement said.

Renault already implements the necessary measures to comply with international sanctions against Russia, the car maker noted. Particularly, the sanctions imply a ban on supplies of high-tech equipment and components for its production. Amid those decisions, Renault intends to revise its 2022 financial outlook, cutting operating margin from 4% to 3%.