MOSCOW—Nissan will hand over its business in Russia to a state-owned entity for 1 euro ($0.97), taking a loss of around $687 million. The decision marks the latest costly exit from the country by a global company.
WASHINGTON—In response to Russia’s invasion of Ukraine, the Bureau of Industry and Security (BIS) at the U.S. Commerce Department has banned exports of high-tech products to Russia. The BIS' goal is to hamper Russia's ability to produce tanks, airplanes and other military equipment.
ST. PETERSBURG, Russia—Automotive assembly lines in Germany, Britain, Austria and Russia have halted production in the wake of Russia’s invasion of Ukraine.
MOSCOW--The Russian government will expand benefits for global automakers who assemble cars at local plants, as a way to double the number of cars exported from the country by next year.
