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5/16, 7:47 AM (Source: TeleTrader)
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Renault's assets in Russia nationalized - ministry

Assets that the French carmaker Renault S.A. had in Russia are now owned by the state, the Eurasian country's Ministry of Industry and Trade announced on Monday.

The assets included Renault's stake in Russia's vehicle maker JSC AvtoVAz, which has been transferred to automotive research institute NAMI, and its factory in Russia, which is now in the ownership of the Moscow authorities, the ministry added in a statement.

Renault halted its operations in Russia on March 23.

Baha Breaking News (BBN) / BU