Automaker Renault to pull out of Russian market

French automaker Renault has unveiled plans to withdraw from the Russian market.

On Monday, it announced that 100 percent of its shares in Renault Russia will go to the city of Moscow.

Under the plan, the group will sell its majority stake in Russian automaker Avtovaz to a Russian science institute.

Renault suspended operations at its plant in Moscow in March, hours after Ukrainian President Volodymyr Zelenskyy specifically called on the automaker to bow out of the Russian market.

Renault says it expects to incur losses of nearly 2.2 billion euros or 2.29 billion dollars as a result of the move.