Putin allowed to transfer the Russian bank of the Renault-Nissan alliance to AvtoVAZ

Russian President Vladimir Putin signed a decree granting AvtoVAZ the right to buy out the Russian bank RN Bank, which is run by the Renault-Nissan alliance and a subsidiary of the Italian group Unicredit. Document text published on the official Internet portal of legal information.

“In accordance with paragraph 5 of the Decree of the President of the Russian Federation dated August 5, 2022 No. 520 … to allow the commission by a joint-stock company “AvtoVAZ“transactions for the acquisition of 100 percent of the shares of the RN Bank joint-stock company owned by BARN B.V. (BARN BV),” the document says.

It is specified that “AvtoVAZ” received permission to purchase the holding structure BARN BV, through which the partners manage RN Bank. In particular, 30% each belongs to the French Renault and the Japanese Nissan Motor, the remaining 40% belong to Unicredit Bank.

RN Bank is on the list of 45 banks, transactions with shares of which were prohibited without special permission from the head of state. This is the first such approval received since the introduction ban in August 2022, the list of banks was approved at the end of October. In addition to RN Bank, the list of banks also includes SberbankRaiffeisenbank, Unicredit Bank, etc.

Subscribe on Vedomosti on Telegram and stay up to date with the main economic and business news.