Toyota and Volkswagen Group transferred their Russian property to Russian entities with out a buyback possibility, Russia’s RIA state information company reported.

“The Toyota asset switch deal, identical to the Volkswagen deal, doesn’t embrace an possibility to purchase again manufacturing websites,” RIA quoted Russia’s Deputy Prime Minister Denis Manturov as saying throughout an interview.

Russia and Toyota mentioned in March that the Japanese automaker transferred the possession of its St. Petersburg manufacturing facility constructing, tools and land to the Russian state entity NAMI, with out disclosing any particulars of the transaction.

NAMI, Russia’s Central Vehicle and Engine Analysis and Growth Institute, has already taken crops from Renault and Nissan.

VW mentioned in Could, with out giving particulars, that it had accomplished the sale of its Kaluga plant in Russia and its native subsidiaries to a Russian autodealer group Avilon and a monetary investor.