German –based company, Mercedes, is the latest Western company to pull out of Russia, following the invasion of Ukraine in February.
In March this year the firm stopped manufacturing in and exporting to Russia.
However, it now says it will withdraw from the Russian market and sell shares in its subsidiaries to a local investor.
Meanwhile, Ford confirmed it had finalised a deal to exit the Russian market as well.
The firm announced a full suspension of its operations in Russia in March.
Earlier this month, Japan’s Nissan left Russia following the same move from Toyota and Renault.
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