Nissan sells Millions of Dollars Russian Business for just one euro

Japan’s automobile company Nissan has decided to consolidate its business from Russia. The company is selling its business to NAMI, a Russian government company, for only one euro. This means that Nissan will have to bear a loss of around $690 million.

Due to the war between Ukraine and Russia, many international companies are facing difficulties in doing business in Russia. Some companies have folded their business because of this. Nissan was forced to stop production in Russia a few months back. Nikkei Asia claims that Japan’s other big automobile company Mitsubishi also Russia considering leaving. Nissan has decided to hand over its business, including its factory in St. Petersburg, to NAMI. Earlier, Renault, a French company with a joint venture with Nissan, sold its major stake in a Russian car manufacturer.

Nissan halted production at its St. Petersburg factory in March due to supply chain disruptions. Many countries have also imposed sanctions on Russia for attacking Ukraine. The European Union (EU) recently completely banned all cryptocurrency transactions involving Russia.

In a post by the EU, it was said, “The existing restrictions on crypto assets have been tightened and all crypto wallets, accounts and custody services linked to Russia have been banned. There will be no limit to the amount.” ” EU regulators say that the purpose of these sanctions against Russia is to stop the supply of vital components to Russia’s military and industry. Recently, the Russian government allowed the use of virtual digital assets for payments abroad. Last month, Russia’s Deputy Finance Minister Alexei Moiseev said that the Central Bank has agreed to allow the country’s people to send and receive payments abroad using cryptocurrencies. Ukraine is getting help in this war from many countries including America. Some of its agencies are also being given financial help from abroad in the form of cryptocurrencies. Ukraine is suffering heavy losses in the war. To increase its strength, it has sought arms as well as financial help from the countries involved in NATO.