Tokyo, Oct 11 (AP) Japanese automaker Nissan Motor Co. said on Tuesday that it plans to sell its Russian operations to its local partner and withdraw from manufacturing there.

The company said its executive committee approved the sale to Russia's Central Research and Development Automobile and Engine Institute, or NAMI.

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The sale includes Nissan's factory and R&D facilities in St. Petersburg and its sales and marketing centre in Moscow, it said. The company will operate under a new name.

Nissan did not give a dollar value for the sale but said it would log a 100 billion yen (USD 680 million) “impact" from its exit from Russia.

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“While we cannot continue operating in the market, we have found the best possible solution to support our people," Nissan President and CEO Makoto Uchida said in a statement.

Nissan began making SUVs in St. Petersberg in 2009.

It suspended manufacturing in Russia in March after the invasion of Ukraine. The company said the terms of the sale give Nissan the option to buy back its Russian business within the next six years.

Nissan said its employees in Russia would receive “employment protection" for a year.

The sale is subject to regulatory approvals and is expected to be completed within weeks, the company said.

Toyota Motor Corp. announced last month it plans to liquidate its business in Russia.

Other Japanese automakers reportedly also are considering leaving the country, following the departure of most Western automakers. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)