(Reuters) – Renault, the French carmaker, announced Monday that it will be selling its major stake in Avtovaz carmaker to a Russian science institution. The deal also included a six year option to purchase the stake back.

Russian carmaker is most vulnerable to Western manufacturers Renault (EPA:). It was also announced that the Russian Central Research and Development Automobile and Engine Institute would sell its nearly 67.69% holdings in Avtovaz to Nami.

The statement added that “The transaction closing is free from conditions” and that all approvals required have been obtained.

Moscow will receive its 100% Renault Russia shares.

Chief Executive Luca de Meo said, “Today, it was a difficult, but necessary, decision. We are making a responsible selection towards our 45,000 employees here in Russia.”

He said that the move saved the performance of the group and allowed it to come back to the country in the future under a new context.

Renault declared in March it would cease all operations at its plant, amid increasing pressure due to its presence since the beginning of the conflict with Ukraine.

French State 15% owns the company. The non-cash writedown was nearly 2.2 Billion Euro ($2.29Billion). This is to account for the possibility of Russian operation suspensions.

Since Russia invaded Ukraine in February 24, more than 400 businesses have fled Russia, leaving behind billions of dollars worth assets.

Russia refers to its actions as “special operation”, which it says was meant to arm Ukraine and safeguard it from fascists. The West and Ukraine both claim that the accusation of fascists is unfounded and that the war was an unprovoked aggression.

($1=0.9612 euros)