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Article

11 Oct 2022

Author:
Aljazeera,
Author:
Reuters

Russia: Japanese company Nissan quits Russian market over Ukraine invasion, incl. co. comment

"Japan’s Nissan quits Russian market, losing $687m", 11 October 2022

Japanese automaker Nissan will sell its Russian assets – including a factory in Saint Petersburg – to the Russian government, the industry and trade ministry in Moscow said.

[...]

...[A]nnouncement comes after Nissan suspended production at the plant in Russia’s second city in March, shortly after Moscow launched its war on Ukraine.

[...]

According to a report by Reuters, the company will hand over its business for a token 1 euro ($0.97). Nissan said it will suffer a loss of about 100 billion yen ($687m). However, it added that its 2,000 or so employees in Russia will receive “employment protection” for 12 months. According to Nissan’s statement, the firm “remains on track to achieve its business objectives”, as the company assumed zero activity in the market in this fiscal year.

“On behalf of Nissan, I thank our Russian colleagues for their contribution to the business over many years. While we cannot continue operating in the market, we have found the best possible solution to support our people,” Nissan CEO Makoto Uchida said in the statement.

Part of the following timelines

Ukraine: Global outrage over Russian invasion leads to sanctions, demands for businesses to divest

Russia: Auto & aviation industries takes stock following invasion of Ukraine