Ford will leave Russia after the US carmaker finalised a deal to sell its 49% stake in the Sollers Ford joint venture.
“Ford shares will be transferred to the joint venture for a nominal value,” the company said on Wednesday, adding it retains the option to buy them back within a five-year period “should the global situation change”.
The company announced a full suspension of its operations in Russia in March.
Ford follows US firms, including Cisco Systems and Nike, in exiting Russia after Western countries imposed sanctions on Moscow over its invasion of Ukraine, making it nearly impossible for manufacturers to do business there.
Ford to exit Russia after joint venture stake sale
Image: Justin Sullivan/Getty Images)
Ford will leave Russia after the US carmaker finalised a deal to sell its 49% stake in the Sollers Ford joint venture.
“Ford shares will be transferred to the joint venture for a nominal value,” the company said on Wednesday, adding it retains the option to buy them back within a five-year period “should the global situation change”.
The company announced a full suspension of its operations in Russia in March.
Ford follows US firms, including Cisco Systems and Nike, in exiting Russia after Western countries imposed sanctions on Moscow over its invasion of Ukraine, making it nearly impossible for manufacturers to do business there.
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