Renault will transfer its 68 percent stake in Russia's biggest carmaker, AvtoVAZ, to an auto research institute for one symbolic rouble, Russia said on Wednesday, the latest example of local institutions snapping up bargains as Western companies flee.
The trade ministry also said Renault's factory in Moscow, which produces cars under the Renault and Nissan brands, would be passed to the city's government, in another sign of what Russian authorities plan to do with Western assets.
Renault and the French government, which owns a 15 percent stake in Renault, both declined to comment on the deal, which was first reported by Russian news agencies citing Trade Minister Denis Manturov.