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French carmaker Renault has introduced it would droop operations at its Moscow manufacturing facility over Russia’s invasion of Ukraine.
The corporate was one of many few worldwide companies to have restarted operations at its Russia manufacturing facility this week.
That drew the ire of Ukrainian President Volodymyr Zelenskyy, who referred to as on Renault and different French firms working within the nation to “cease being sponsors of Russia’s warfare machine” throughout his deal with to French lawmakers on Wednesday.
Ukrainian International Minister Dmytro Kuleba additionally referred to as for a worldwide boycott of the corporate.
After Renault’s determination to halt manufacturing, Kuleba stated that Renault had made the “accountable” determination.
What did Renault say?
The corporate launched a press release to say it was halting “actions in its manufacturing plant in Moscow” on Wednesday.
It added it was “obtainable choices” when it got here to its partnership with Russia’s largest automotive firm, AvtoVAZ.
Renault has a 69% stake within the firm, which leaves it extra susceptible to the Russian market than different opponents. Russia accounts for 8% of its core earnings, based on Citibank.
Greater than 400 worldwide companies have both withdrawn from Russia or decreased their operations over opposition to Russia’s invasion of Ukraine.
Renault stated “bearing in mind the present atmosphere,” it was seeking to act responsibly in the direction of its 45,000 staff in Russia.
The corporate additionally downgraded its monetary outlook, saying it was a “group working margin of round 3% versus not less than 4% beforehand.”
rm/nm (AP, dpa)
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