© Reuters. FILE PHOTO: Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany September 10, 2019. REUTERS/Wolfgang Rattay
(Reuters) -Ford Motor Co said on Wednesday it would exit Russia, after the U.S. automaker finalized a deal to sell its 49% stake in the Sollers Ford joint venture.
“Ford shares will be transferred to the Joint Venture for a nominal value,” the company said, adding that it retains the option to buy them back within a 5-year period “should the global situation change”.
The company had announced a full suspension of its operations in Russia in March.
Ford follows U.S. firms including Cisco Systems Inc (NASDAQ:) and Nike Inc (NYSE:) in announcing an exit from Russia, after Western countries imposed sanctions on Moscow over its invasion of Ukraine, making it nearly impossible for manufacturers to do business there.
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