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Renault: activities at the Moscow plant suspended

Through a press release, the French company announced that the activities at its Moscow plant will be suspended.

Here is an excerpt from the press release released by the “Losanga”: “ The Board of Directors of the Renault Group met today and decreed to suspend the activities of the Renault plant in Moscow from today. The Group is evaluating possible options on its participation in AVTOVAZ, acting responsibly towards the 45,000 employees in Russia “.

As regards financial expectations, the press release continues: “ Groupe Renault recalls that it is already implementing the necessary measures to comply with international sanctions. Consequently, the Renault Group is forced to review its financial prospects with a Group operating margin of the order of 3% (against ≥ 4% previously) and a positive operating free cash-flow of the Motor business (against ≥ 1 billion of euros previously) “.

Zelensky’s attack

The basis of this decision seems to be the strong political pressure and the accusations received by the Ukrainian president Volodymyr Zelensky , who in recent days has expressed harsh words towards the French group.

The Ukrainian leader said during a video link to the Paris Parliament : “French companies must leave the Russian market. Renault, Auchan, Leroy Merlin and others must stop sponsoring Russia’s war machine. They have to stop funding the murder of women and children, they must stop funding the rape. Everyone will remember that values ​​matter more than profits