Mercedes-Benz becomes latest Western company to pull out of Russia.

Mercedes has become the latest Western company to pull out of Russia, following the invasion of Ukraine in February.

The German-based firm stopped manufacturing in and exporting to the country in early March.

But now it says it will withdraw from the Russian market and sell shares in its subsidiaries to a local investor.

Meanwhile, Ford confirmed on Wednesday that it had finalised a deal to exit the Russian market as well.

The firm had announced a full suspension of its operations in Russia in March. It has now sold its 49% stake in the Sollers-Ford joint venture, although it has the option of buying the shares back within five years "should the global situation change".

Japan's Nissan left Russia earlier this month, following the same move from Toyota and Renault.

Nissan took a $700m (£600m) loss in handing over its business to a state-owned entity for a nominal fee, reportedly less than £1.

The decision comes after many Western companies pulled out of Russia earlier in the year, including Starbucks, McDonald's and Coca-Cola.

Other car firms, including Jaguar Land Rover, General Motors, Aston Martin and Rolls-Royce, all halted deliveries to the country in the early months of the war.

Source: www.bbc.com


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