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French automaker Renault has sold its Russian assets to the Russian government, both parties announced on Monday, May 16, as foreign companies leave the country amid Moscow's military campaign in Ukraine, Le Monde reported.

Renault controlled 68% of AvtoVAZ, the largest carmaker in Russia, with the country's top brand Lada, but was under pressure to pull out of the country since Russia's military intervention in Ukraine. Thanks to AvtoVAZ, Russia was Renault Group's second-largest market behind Europe last year, with around half a million vehicles sold.

"Agreements were signed on the transfer of Russian assets of the Renault Group to the Russian Federation and the government of Moscow," the ministry said in a statement. Under the agreement, Renault will retain a six-year option to buy back the stake in AvtoVAZ. The deal also included Renault's Moscow plant.

No financial details were provided, but Russian Industry and Trade Minister Denis Manturov said in April that Renault planned to sell its Russian assets for "one symbolic ruble".