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Nissan leaves Russia and sells all its assets to the state for one euro

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On Tuesday, the Nissan automaker sold the entirety of its Russian assets for one Euro.

Following Russian President Vladimir Putin’s invasion of Ukraine in February, Nissan is the most recent significant corporation to leave Russia.

According to Reuters, the agreement would cost Nissan some $687 million, but the firm doesn’t believe it will have an impact on its fiscal year earnings projection.

Nissan’s action comes months after the corporation severed commercial ties with Russia in March and halted operations at its St. Petersburg factory.

There were about 2,000 employees of the company in the country before the announcement.

Nissan can, however, buy the assets back within 6 years under the terms of the agreement.

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