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AvtoVAZ names Russia’s ex-transport minister as CEO after Renault exit

“The most important goal for us is the rapid development of the supplier base, first of all domestic suppliers,” Sokolov said in a statement.

Sales of AvtoVAZ’s Lada cars slumped in April by 78 percent and the automaker has paused production until May 27 due to a lack of parts and weak demand.

More than 400 companies have withdrawn from Russia since it sent tens of thousands of troops into Ukraine on Feb. 24, leaving behind assets worth billions of dollars.

Russia calls its actions a special operation to degrade its southern neighbor’s military capabilities and root out people it calls dangerous nationalists.

The West has imposed sweeping sanctions on Russia and provided Ukraine with military support in response.

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