-
Biden team, end in sight, keeps hope on Gaza truce despite setbacks
-
Sabalenka dedicates US Open to family 'who never gave up' on dream
-
Venezuela takes diplomatic jab at Brazil in spat over election
-
Multiple people shot along highway in US state of Kentucky
-
'Super proud' Sabalenka downs Pegula to win US Open thriller
-
In Papua New Guinea, Pope holds mass 'at the edge of the world'
-
Hewett stays positive for wheelchair tennis despite agonising defeat
-
Three things on US Open champion Aryna Sabalenka
-
Sabalenka downs Pegula to win US Open thriller
-
USA men land Paralympic basketball three-peat, Jiang takes 7th swim gold
-
USA slump to first home defeat against Canada in 67 years
-
Argentina hand Australia record 67-27 loss in Rugby Championship
-
England impress on Carsley bow, Germany, Dutch hit five
-
AFP photographer wins top prize for Gaza coverage
-
No Love for Packers for three weeks after ligament sprain: reports
-
Pedro Almodovar: chronicler of modern Spain crowned in Venice
-
Almodovar wins top Venice prize for end-of-life film
-
Trump sounds dark tone at rally, Harris 'ready' for debate
-
Wirtz and Musiala dazzle to kick-start new Germany era
-
Chinese teenager takes 7th gold of Paris Paralympics
-
England interim boss Carsley 'respects' divided opinions over anthem
-
Neuville moves to the front in the Acropolis Rally
-
Garfield, Pugh charm Toronto in new romance 'We Live in Time'
-
21 boys confirmed dead in Kenya school inferno
-
Over 100,000 protest in France against new prime minister
-
Golden 30 minutes takes China to swimming Paralympics swimming domination
-
Green leads Australia to T20 series sweep of Scotland
-
Nigeria, Cameroon win afer chaotic AFCON build-ups
-
Nicole Kidman: A-lister, cinematic chameleon, wins in Venice
-
'I had to prove myself', says Kolisi after win against All Blacks
-
Almodovar wins top prize at Venice film festival
-
Grealish savours England redemption after 'worst summer'
-
Carsley makes flying start as England interim boss in win over Ireland
-
Springboks close on Rugby Championship with storming win over All Blacks
-
Sri Lanka's De Silva and Kamindu Mendis defy England in third Test
-
Farrell's Racing lose on opening day of Top 14
-
Ireland and UK to 'reset' relations as Starmer visits Dublin
-
Dunbar takes second Vuelta stage as Roglic closes in on victory
-
Fritz eyes US Open glory to end 21 years of American hurt
-
Thousands protest in France against new prime minister
-
Death toll from Kenya school blaze rises to 21
-
Brazil's right rallies for 'freedom' after X suspended
-
Trump to hold rally in swing state, Harris preps for debate
-
Stone at the double as Sri Lanka collapse against England in third Test
-
French tennis player takes legal action over online abuse
-
Italy backs Kyiv's 'legitimate defence' as Zelensky presses allies
-
The Body Shop rescued from administration after deal
-
Martin roars to victory in San Marino sprint, extends MotoGP lead
-
Smoke and screams: The horror of Kenya's school dorm inferno
-
MotoGP leader Martin roars to victory in San Marino sprint
Renault hands Russian assets to Moscow in nationalisation first
French automaker Renault has handed over its Russian assets to the Russian government, both parties announced Monday, marking the first major nationalisation since the onset of sanctions over Moscow's military campaign in Ukraine.
Renault controlled 68 percent of AvtoVAZ, the largest carmaker in Russia with the country's top brand Lada, but was under pressure to pull out of the country since the start of Russia's military intervention in Ukraine in late February.
Renault has funnelled billions of euros into the Soviet-era factory since the two automotive makers signed a strategic partnership agreement in 2008.
No financial details were provided on Monday but Russian Industry and Trade Minister Denis Manturov said in April that Renault planned to sell its Russian assets for "one symbolic ruble".
"Agreements were signed on the transfer of Russian assets of the Renault Group to the Russian Federation and the government of Moscow," the industry and trade ministry said in a statement.
Under the agreement Renault will retain a six-year option to buy back the stake in AvtoVAZ.
The deal also included Renault's Moscow plant, Avtoframos, which makes Renault and Nissan models.
"Today, we have taken a difficult but necessary decision; and we are making a responsible choice towards our 45,000 employees in Russia, while preserving the Group's performance and our ability to return to the country in the future, in a different context," Renault chief executive Luca de Meo said in a statement.
Contacted by AFP, Renault refused to confirm whether it had sold its Russian assets for one ruble.
Thanks to AvtoVAZ, Russia was Renault Group's second-largest market behind Europe last year, with around half a million vehicles sold.
- 'New page in history' -
Moscow mayor Sergei Sobyanin said production of passenger cars at the Renault plant would resume under the Soviet-era Moskvich (Muscovite) brand after the French automaker decided to close it.
"This is its right, but we cannot allow thousands of workers to be left without work," Sobyanin said in a statement.
"In 2022, we will open a new page in the history of Moskvich," he added.
"We will try to keep most of the team directly working at the plant and with its subcontractors."
The first Moskvich cars were produced in 1946 and were inspired by Germany's Opel "Kadett K38." The models were notorious for their shoddiness and were eventually phased out in post-Soviet Russia.
Sobyanin said KamAZ truckmaker will be the Moscow plant's main partner which will in the future also make electric cars.
Political commentator Anton Orekh said that it was unclear what Moscow authorities planned to do with the plant, but trying to make a new car from scratch in the absence of access to foreign technologies and components would be akin to throwing "billions to the wind."
The announcement was also derided online.
"When I dreamed of a time machine, I imagined it in a slightly different way," quipped one commentator, Maxim Dbar, on Facebook.
- Boycott threat -
Since President Vladimir Putin sent troops into Ukraine, Renault has had difficulty keeping its operations going due to a lack of components following the imposition of Western sanctions.
Ukrainian President Volodymyr Zelensky in March called on Renault and other French companies to quit Russia. Kyiv also urged a boycott of Renault vehicles until it pulls out of Russia.
On February 24, Putin ordered Russian troops to pour into pro-Western Ukraine, triggering unprecedented Western sanctions against Russia and sparking an exodus of foreign corporations including H&M, McDonald's and Ikea.
The authorities said they were ready to nationalise foreign assets, and some officials assured Russians that their favourite brands would have domestic alternatives.
Officials in Moscow have sought to downplay the gravity of the Western sanctions, promising that Russia will adapt and taking steps to stop the flight of foreign currency and capital.
T.Bondarenko--BTB