German carmaker Mercedes-Benz plans to sell its Russian assets to local car dealer Avtodom, according to Russian-controlled news agency RIA Novosti.
According to Moscow Times, Mercedes-Benz confirmed it intended to quit Russia. "The completion of the transaction is subject to the approval of all relevant authorities," Mercedes-Benz reportedly said in the statement.
No financial details of the transaction were provided by either side, the media wrote.
Mercedes-Benz is the latest car manufacturer to exit Russia since the Kremlin launched its full-scale invasion on Feb. 24. Earlier in 2022, automakers Renault and Nissan announced they were leaving the Russian market.