Japanese carmaker Nissan says it is pulling out of Russia

The company said the terms of the sale give Nissan the option to buy back its Russian business within the next six years (Dominic Lipinski/PA)

Japanese carmaker Nissan has said 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 (NAMI).