Renault announced Wednesday evening to suspend production at its Moscow plant with immediate effect. The French automaker has been the subject of growing criticism over the recent resumption of business on Russian soil, and the pressure escalated on Wednesday, when Ukrainian President Volodymyr Zelensky asked French companies to leave Russia citing Auchan, Leroy Merlin and Renault.
the ukrainian president asked these French companies to stop being the ” war sponsors “. In the evening, the head of Ukrainian diplomacy called on him to ” boycott » Renault World Cup. Since the resumption of production at its Moscow factory a few days ago, the diamond group has been carefully monitoring the reactions.
Renault also wants to assess ” possible options regarding participation in AvtoVAZ, the leading Russian car manufacturer and its Lada brand, of which Renault is a 67% shareholder. In its press release, the group claims to want to act “ responsibly towards its 45,000 employees in Russia “.
Other French groups maintain their activity in Russia
The French manufacturer has also announced that it is revising its financial objectives for 2022 downwards, with the group’s operating margin now expected to be around 3%, against at least 4% previously.
As for the other French groups, Adeo, Leroy Merlin’s holding company, reiterated that it was maintaining its activity in Russia, but that it was going ” to suspend » its new investments. Leroy Merlin, who like Auchan belongs to the Mulliez family association, indicated that a closure would be considered a ” premeditated bankruptcy », « paving the way for an expropriation which would strengthen the financial means of Russia “.
►To read: Ukraine: in front of Parliament, Zelensky urges French companies to leave Russia