This Japanese automaker to sell Russia assets for Less Than $1

Japanese automaker Nissan will sell its Russian assets including a factory in Saint Petersburg to the Russian government, the ministry of industry and trade in Moscow said on Tuesday.

According to reuters, Nissan Motor Co Ltd will hand over its business in Russia to the state-owned entity for 1 euro or $0.97.

After Moscow sent troops to Ukraine, Japanese automaker production at the plant was halted.

'Nissan's executive committee approved the sale of its Russian assets to the Russian Federation... this includes Nissan's production and research facilities in Saint Petersburg as well as a sales and marketing centre in Moscow,' the ministry said in a statement.

It added that its 2,000 or so employees in Russia will receive "employment protection" for 12 months.

'On behalf of Nissan, I thank our Russian colleagues for their contribution to the business over many years. While we cannot continue operating in the market, we have found the best possible solution to support our people,' Nissan CEO Makoto Uchida said in the statement.