(Reuters] – Renault will sell its 68% share in Russia’s most important carmaker Avtovaz for one symbolic rouble to an institute of auto research, Russia announced Wednesday. It is the latest instance of how local institutions have been able to snap up bargains, as Western businesses flee.

Also, the trade ministry said Renault Moscow (EPA:), which manufactures cars under Renault and Nissan brands (OTC:), would be handed to the local government. It is another indicator of Russian authorities’ plans for Western assets.

Both the French automaker Renault and the French government (which owns 15% of Renault) declined to comment. The deal was reported first by Russian news agencies, citing Trade Minister Denis Manturov.

Renault, according to the trade ministry would be allowed to purchase back Avtovaz within five to six year from NAMI. The institute that designed and built Russian vehicles and trucks over a century ago was behind President Vladimir Putin’s limousines.

This is likely to highlight the concerns of Russian companies and institutions that are buying up valuable assets in the country to get a bargain. As Western companies try to comply to sanctions regarding the Ukraine conflict and threats by the Kremlin to seize foreign assets, these moves may also be indicative that Russian-owned assets could be taken.

Russian authorities are currently drafting legislation to allow foreign corporations to be controlled by local managers. This would also criminalize foreign executives who implement sanctions.

Renault, Western’s most vulnerable carmaker, announced last month that it will suspend its operations in Moscow and would consider a non-cash writedown of 2.2 billion euros ($2.3 billion), to cover the possible costs.

Renault shares dropped in the early trading session, but then recovered and trade at 1.1% GMT. That’s more than France’s blue-chip Index.

Although this modest positivity brings the problem closer to resolution, the door remains open to a return. However, many unanswered questions remain about the timing and impact of Russia’s vehicle markets rebounding or geopolitical climate cooling. Credit Suisse (SIX.) Analysts wrote.

There are no offers

The trade ministry stated that Renault transferred its Avtovaz stake to NAMI as it was unable to continue its Russian operations.

Renault would receive one rouble for the transaction, and the possibility to purchase the stake back.

When it comes to cost, we will consider whether or not investments were made during the period. Interfax quotes Manturov saying that there won’t any presents.

The mass exodus of Russian corporate executives has been triggered by Moscow’s February 24 invasion of Ukraine. The Yale School of Management reports that more than 775 companies announced plans to reduce operations in the country.

French electric equipment manufacturer Schneider Electric (EPA) announced Wednesday that it will sell its Russian and Belarus operations to local management. It also signed a letter with designated buyers.

A French bank Societe Generale, (OTC:), also took 3 billion Euro income from the sale of its Rosbank subsidiary. This was an investment company linked to Russian oligarch Vladimir Potanin.

Only a handful of examples show foreign interest in Russian companies being taken over.

Anheuser-Busch InBev plans to offer its Russian and Ukrainian stake to its Turkish counterpart in an agreement that would result in $1.1 billion in sales for the world’s biggest brewer.

The British energy company Shell (LON 🙂 has been reported as being in negotiations with Chinese firms in order to sell its stake at a large Russian gas project. Shell refused to comment.

Russia describes its actions in Ukraine as a “special operations” that aims to dearm Ukraine and defend it against fascists. The West and Ukraine both claim that the claims of fascists are unfounded and that war was an unprovoked aggression.

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