Ford finalizes Russian market exit

Ford Motor Company announced on Wednesday in a statement that it has officially left the Russian market as the latter continues to wage war against Ukraine, reports citing Reuters.

"Ford Motor Company has finalized the exit of its previously suspended operations in Russia through the sale of its 49 percent share in the Sollers Ford Joint Venture," the company wrote.

Ford further noted that its shares will be moved to the Joint Venture "for a nominal value." Nevertheless, the American multinational automobile manufacturer stressed that it still "retains the option to repurchase the shares within a 5-year period, should the global situation change."

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