Russia imposes sanctions on French corporation Renault on suspicion of producing drones for Ukraine – media
Drone Industry
The Russian government has added French car manufacturer Renault SAS to its sanctions list, citing reports that the company may be involved in producing drones for Ukraine.
The Moscow Times reported this, according to Censor.NET.
The sanctions imposed by Russia include a range of significant restrictions for the listed entities. Among them are bans on transactions — including foreign trade contracts and limitations on fulfilling obligations under previously signed agreements with sanctioned companies.
The measures also prohibit payments to beneficiaries from the list and restrict operations involving securities.
Exit from the Russian market
Renault’s history on the Russian market began in 1992 with the opening of its first office in Russia. In 1998, the company signed an agreement with the Moscow government to establish the Avtoframos joint venture, the newspaper writes.
By 2005, a full-cycle plant had been established at the site. Renault gradually increased its stake in the venture to 100%, and in 2014 the company was renamed Renault Russia JSC, the outlet notes.
After Russia launched its full-scale invasion of Ukraine in February 2022, the company, which then held about 30% of the Russian car market, decided to withdraw from the country.
In April 2022, the automaker transferred its Russian assets to the state for a symbolic price of one ruble, while securing a six-year option to buy back its business.
"After Renault left, its Moscow plant was rebranded as the Moskvich automobile plant, which began assembling Chinese car replicas under the Soviet-era brand using kits imported from Beijing," the outlet adds.
Earlier this June, reports emerged that the French automaker Renault plans to produce drones in Ukraine. Manufacturing facilities expected to be located several dozen or even hundreds of kilometers from the front line.
