frances renault sa said monday that it has agreed to sell its business in russia and its stake in russian auto maker avtovaz renault said it will sell all of renault russia to the moscow city entity and the 6769 interest in avtovaz to nami a statebacked automotive research and development center the agreement provides for an option for renault group to buy back its interest in avtovaz exercisable at certain times during the next six years said the auto maker as announced previously renault expects to book an accounting charge in the first half of the year related to the value of its russian assets this value was 220 billion euros 229 billion at the end of last year also on monday the auto maker confirmed its financial outlook for 2022 and chief executive luca de meo said he expected the company to exceed midterm targets