Investing.com -- Russian authorities have signed off on a sale of Volkswagen's (ETR: VOWG_p ) assets in the country to car dealer Avilon for as much as €125 million, according to news agency Interfax, citing an unnamed source familiar with the matter.
Avilon was reportedly granted permission to snap up 100% stakes in VW's Russian office, known as Volkswagen Group Rus, along with its subsidiaries VW Components and Services, Scania Finance, Scania Leasing, and Scania Insurance.
German automaking giant VW had previously suspended all of its business in Russia in the wake of the outbreak of the war in Ukraine. The company's assets in the country include a plant in the city of Kaluga that produces 225,000 vehicles annually.
In a statement provided to Reuters, Volkswagen said that it is in the process of selling its shares of VW Group Rus to a "reputable Russian investor."
Avilon declined to comment to Reuters.
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