Michelin, Renault, other companies sell their businesses in Russia

Some Western companies have agreed to sell their Russian assets or hand them over to local managers as they seek to comply with sanctions over the Ukraine conflict and deal with threats from the Kremlin that foreign-owned assets may be seized.

Below is a list of firms by sector that have sold their businesses in Russia:

AUTOS

** British car distributor Inchcape sold its Russian business to local management

** Italian truck and bus maker Iveco transferred its 33% stake in its AMT truck assembly joint venture in Russia to a local partner

** French tyre maker Michelin intends to transfer its activities in Russia to a new entity under local management by end-2022

** French carmaker Renault sold its majority stake in Avtovaz to a Russian science institute, and transferred all shares in Renault Russia to the city of Moscow

** MAN Truck & Bus and Scania, units of German truck maker Traton, expect to sell their sales companies in Russia to local partners along with Scania's Russian financing business by Q1 2023

BANKS

** Britain's HSBC agreed to sell its Russian business to Expobank, subject to regulatory approvals in Russia

** Czech investment group PPF sold its Russian banking assets, including consumer lender HCFB and its subsidiaries, to investors led by Ivan Tyryshkin

** France's Societe Generale sold its Russian business Rosbank to Interros Capital, a firm linked to Russian oligarch Vladimir Potanin

CONSUMER ELECTRONICS

** Swedish home appliance maker Electrolux transferred its business in Russia to local management

** Its Electrolux Professional branch also sold its Russian business to local management

** Whirlpool sold its Russian operations to Turkey's Arcelik

ELECTRICAL COMPONENTS & EQUIPMENT

** Finland's Boreo sold its 90% stake in YE Russia to companies controlled by its current director Yrjö Pönni

** US industrial firm Emerson Electric agreed to sell its Russia business to the local management

** Finnish elevator maker Kone expects to close the sale of its Russian business to local management in Q4 2022

** France's Schneider Electric expects to close the sale its Russian unit to local management by end-2022

** US elevator maker Otis sold its Russia business to local investment firm Ice Development

ENERGY

** French industrial gases producer Air Liquide agreed to shift its Russian assets to local management, subject to regulatory approvals in Russia

** Baker Hughes agreed to sell its oilfield services business in Russia to local management, with closing expected in H2 2022

** Italian utility Enel sold its 56.43% stake in Enel Russia to Lukoil and private fund Gazprombank-Frezia

** Norway's Equinor transferred assets of its Russian oil and gas joint ventures to state-owned partner Rosneft, and its 30% stake in the Arctic Kharyaga oilfield to state-controlled Russian operator Zarubezhneft

** US oilfield services firm Halliburton sold its Russia operations to a management team made up of former employees

** Oil major Shell sold its Russian retail and lubricants business to Lukoil

** Singapore-based commodities trader Trafigura sold its 10% stake in Vostok Oil project in Siberia to Hong Kong-registered trading firm Nord Axis

** Total Energies sold its remaining 20% interest in the Kharyaga oil project to Zarubezhneft, and its 49% stake in Terneftegaz to joint venture partner Novatek

FOOD & BEVERAGES

** Finland's Atria sold its fast food business in Russia, Sibylla Rus, to Russian meat producer Cherkizovo

** Finland's Fazer sold its Russian unit to Moscow's Kolomenskij Bakery and Confectionery Holding

** Irish ingredients giant Kerry Group sold its Russian subsidiary to local management and agreed to offload its Belarusian unit to a local operator

** Fast food chain McDonald's sold its Russian business to its licensee Alexander Govor

** Finnish food and drinks company Paulig sold its operations in Russia to private Indian investor Vikas Soi

** Yum Brands sold its Pizza Hut business in Russia to a local operator

** Finnish food processing firm Raisio sold its consumer business in Russia to Copacker Agro

** Finnish dairy producer Valio sold its Russian business to GK Velkom

INDUSTRIAL MACHINERY

** Polish measuring devices maker Apator's Powogaz unit divested its entire stake in Russia-based AO Teplovodomer

** Danish industrial firm Danfoss agreed to sell its Russian and Belarusian business to local management, subject to approval by shareholders and regulatory approvals in Russia

** Switzerland's Oerlikon sold its Russian operations to local management

** Finnish forest machine maker Ponsse sold its unit operating in Russia and Belarus to OOO Bison

** Finnish forestry firm Stora Enso sold three packaging plants and two sawmills to local management, and expects to complete the transfer of its forest operations by end-2022

PACKAGING

** US aluminium beverage can manufacturer Ball Corp sold its beverage packaging business in Russia to Arnest Group

** Norwegian carton packaging and filling equipment supplier Elopak sold its Russian unit to a company beneficially owned by local management

** Finland's Huhtamaki sold its Russian operations to Espetina Ltd, a holding company owned by Alexander Govor and Iury Kushnerov

** Britain's Mondi agreed to sell its largest Russian plant to an investment vehicle owned by Russian billionaire Viktor Kharitonin, subject to approvals by shareholders and the Russian regulator

** US paper product company Sylvamo sold its Russian operations to Pulp Invest LLC

** Swedish-Swiss firm Tetra Pak agreed to divest its Russian business to local management, subject to regulatory approvals

RETAIL

** Poland's LPP sold its Russian company RE Trading to a Chinese consortium

** Beauty chain Sephora, owned by French luxury firm LVMH, sold its Russian unit to the local general manager

** Finland's SOK sold the Saint Petersburg stores of its Prisma retail chain to Russia's X5, and its hotels business in the city to Russian investors Alexander Ermakov and Yury Shumakovare

OTHERS

** Swedish business services firm Afry expects to divest its Russian business to local management in Q4 2022

** Biopharmaceutical firm Bristol-Myers Squibb transferred its commercial operations in Russia to a third-party distributor

** Dutch recruiter Brunel International transferred its Russian operations to local management

** US agricultural commodities trader Bunge agreed to sell its oilseed processing business in Russia to Karen Vanetsyan, the controlling shareholder of Exoil Group

** British tobacco group Imperial Brands sold its Russian business to "investors based in Russia"

** Norwegian paint maker Jotun, in which Orkla holds a 42.6% stake, sold its Russian assets to industrial group Atomstroykomplex

** Canadian gold miner Kinross sold its Russian assets to the Highland Gold Mining Group

** Swedish ventilation systems maker Lindab sold its Russian unit to the local managing director

** London-listed IT firm Softline will transfer its Russian business to its founder Igor Borovikov in November

** Japanese technology and entertainment group Sony sold the Russian branch of its music business to local management

** Finnish training company Soprano sold its MIF Russia unit to local management

** Finnish builder YIT sold its Russian operations to Etalon Group.

** Swiss insurer Zurich sold its Russian business to 11 members of the local team