It has taken a month, but the Renault Group has finally shuttered – for now – operations in Russia, partly due to political pressure, partly because sanctions have bitten and the requisite parts to finish cars have become harder to source.
It remains to be seen how Russian president Vladimir Putin will respond. He has threatened to nationalise any Western business that refuses to continue operations in what is now regarded as a pariah state.
It is hard to judge the Renault Group’s exposure to the fallout from the invasion of Ukraine. Russia has been important for it in recent years, contributing about a fifth of its global output and 10% of its revenue.
