(Reuters) – Russia’s leading carmaker Avtovaz has announced that Maxim Sokolov was its new President and CEO. He is a former minister of transport. Renault (EPA:) Withdrew from Russia’s market

Renault reached a deal with Avtovaz for its major stake. It was reportedly sold to the Russian Science Institute for a symbolic amount of one ruble, and a six year option to purchase it back.

Nicolas Maure started his term as Russia’s transport secretary in May 2021. Sokolov is now Russia’s transportation minister. Sokolov’s appointment was approved by the board Monday.

Sokolov stated in a statement that the most important goal is to rapidly develop the supplier base.

Avtovaz’s Lada car sales plummeted by 78% in April. The carmaker is now halting production for May 27, due to low demand and a shortage of parts.

Since Russia sent thousands of soldiers into Ukraine on February 24, 2010, more than 400 companies have left Russia, leaving behind billions in assets.

Russia describes its actions as a special operation in order to weaken its southerly neighbour’s military capability and expel people it considers dangerous nationalists.

Russia was subject to severe sanctions by the West. The West also provided military support for Ukraine in response.