Russia's AvtoVAZ: Renault must pay at least $1.3 billion if it wants to return

Speaking to reporters in the capital Moscow, Sokolov assessed claims that French Renault would re-enter into partnership with AvtoVAZ, of which it was previously the main shareholder.

Sokolov said that Renault invested an average of 20 to 22 billion rubles per year in AvtoVAZ before leaving, and that AvtoVAZ continued these investments after the French company left.

Pointing out that the amount of investment has exceeded 40 billion rubles per year in the past period, Sokolov said, "It is clear that these investments must be met somehow, so the entry price will not be equal to the exit price. If Renault wants to return, it will have to pay at least 112.5 billion rubles (about $1.3 billion)."

While Renault ended its activities in Russia following the Ukraine war, the company's assets were also transferred to the Russian state.

AvtoVAZ, which also produces Lada brand cars, has seen its sales in Russia increase significantly following the withdrawal of Western companies.