U.S. automaker Ford has completed its withdrawal from the Russian market with the sale of its 49 percent stake in the Russian-based Sollers Ford joint venture.
Ford said on October 26 that it had finalized the deal to sell its stake in Sollers Ford for a "nominal" undisclosed price.
Ford secured an option to buy back the shares within a five-year period "should the global situation" change in the coming years, the company said. The joint venture with Russian company Sollers was established in 2011.
Ford suspended its business operations in Russia in March citing deep concerns about Moscow's invasion of Ukraine. At the time, Ford took a $122 million write-down in connected with the suspension while stressing that it had already greatly reduced its presence in Russia.
A slew of foreign automakers have halted operations in Russia or exited entirely.
Earlier on October 26, German luxury carmaker Mercedes-Benz said it would exit Russia by selling shares in its industrial and financial services subsidiaries to a local investor.