(Reuters) -Ford Motor Co said on Wednesday it would exit Russia, after the U.S. automaker finalized 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, adding that it retains the option to buy them back within a 5-year period “should the global situation change”.
The company had announced a full suspension of its operations in Russia in March.
Ford follows U.S. firms including Cisco Systems Inc and Nike Inc in announcing an exit from Russia, after Western countries imposed sanctions on Moscow over its invasion of Ukraine, making it nearly impossible for manufacturers to do business there.
(Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Vinay Dwivedi)
