Nissan takes $687m loss as sells Russian business for €1

TOKYO: Nissan Motor Co. Ltd. will hand over its business in Russia to a state-owned entity for €1 ($0.97), it said on Tuesday, taking a loss of around $687 million and exiting the country months after it was forced to halt production there, according to Reuters.

The Japanese company will transfer its shares in Nissan Manufacturing Russia LLC to state-owned NAMI, it said. The deal will give Nissan the right to buy back the business within six years, Russia’s industry and trade ministry said.