French car manufacturer Renault is selling its Russia business for one ruble, a report says

• Industry minister Denis Manturov said that Renault may be able to buy back its stake in a few years.
• Renault attempted to continue its Russian operations, but has been burning through cash reserves, the WSJ reported.
• Western firms have scrambled to pull out of Russia following levying of sanctions against Moscow.

French automaker Renault is set to sell its stake in Russia's largest car manufacturer for a single ruble, Russian state media outlet, Ria Novosti reported.

Russia's industry minister, Denis Manturov, said Renault will sell its 68% stake in AvtoVAZ – the maker of the LADA brand of vehicles – to NAMI, a Russian state-backed automotive research and development center, the agency reported.

Manturov said that Renault would have the option to buy back its stake in five or six years, the agency said, although the value of the shares may change if Russia makes investments during the period.

"There will be no gifts here," Manturov said, according to Novosti.

Western firms scrambled to pull out of Russia after the country's invasion of Ukraine, as sanctions against Moscow and consumer sentiment made it challenging for them to continue operations in the country. In response, Russia is mulling legislation to nationalize the assets of companies that have left the country.

Renault had attempted to continue running its Russian operations following the invasion, but has been burning through cash reserves to pay salaries and suppliers as sales and production plummeted, the Wall Street Journal reported.

The French automaker has a sizable presence in the country, employing some 40,000 people, and at one point boasted a 30% share of the Russian car market, according to the Journal.

Renault did not immediately respond to Insider's request for comment.