The Nissan car manufacturer sold all of its assets in Russia to the Russian government for a single Euro on Tuesday.
Nissan is only the latest major company to flee Russia following Russian President Vladimir Putin's invasion of Ukraine in February. The deal costs Nissan roughly $687 million, but the company believes it will not affect the earnings forecast for the fiscal year, according to Reuters.
Nissan's move comes months after the company cut business ties with Russia in March, suspending production at its plant in St. Petersburg. The company has roughly 2,000 employees in the country.
"On behalf of Nissan, I thank our Russian colleagues for their contribution to the business over many years," Nissan President and CEO Makoto Uchida said in a Tuesday statement. "While we cannot continue operating in the market, we have found the best possible solution to support our people." READ MORE...
