Japanese carmaker Nissan Motor Co. Ltd. reached an agreement with Moscow to sell its assets based in Russia, the country's Trade Ministry unveiled on Tuesday.
The agreement, involving Nissan's production factories in St. Petersburg and a Moscow-based marketing center, also enables the company to reacquire the facilities within the next six years. However, the carmaker is expected to lose around $687 million in the process due to selling these assets for €1.
The deal comes amid an escalation of the conflict between Russia and Ukraine, which prompted dozens of multinational companies to suspend their operations in Russia while the clashes last.
