French carmaker Renault announced late Wednesday that it had suspended operations in Russia after harsh criticism from Ukrainian President Volodymyr Zelenskyy.
“As of today, the activities of the Renault Group at its production plant in Moscow have been suspended,” the company said in a statement statement after a board meeting.
The decision came just hours after Zelenskyy criticized the automajor for deciding to restart production at a Moscow factory that opened in 2005.
“French companies must exit the Russian market,” Zelenskyy told French lawmakers in a video address, criticizing Renault and others for “sponsoring the Russian war machine.” The French state owns a 15 percent stake in Renault.
“Everyone must remember that values are worth more than profits,” said Zelenskyy.
While automakers such as Volkswagen, Nissan and Mercedes-Benz have pulled out of the Russian market and halted exports to the country in response to Ukraine’s invasion, Renault had hoped to continue operations as Russia accounts for about a tenth of its global sales matters.
Earlier on Wednesday the Minister of Foreign Affairs of Ukraine Dmytro Kuleba would have called for a worldwide boycott of Renault products given the decision to remain in the Russian market.
In the statement announcing its about-face, Renault also said it was “assessing the options available” when it came to its stake in AvtoVaz, which makes Lada vehicles. The company employs 45,000 people in Russia.
FIX: This article has been corrected to clarify ownership of the Moscow Factory.
https://www.politico.eu/article/renault-halts-production-in-russia-after-zelenskyy-rebuke/?utm_source=RSS_Feed&utm_medium=RSS&utm_campaign=RSS_Syndication Renault halts production in Russia after Zelenskyy's rebuke - POLITICO