MOSCOW—Russian President Vladimir Putin on Monday approved the sale of Mercedes-Benz’s local financial services division to Russian car dealer Avtodom, nudging the German automaker closer towards fully offloading its Russian assets.
Mercedes-Benz suspended production at its factory in Russia and halted exports to the country last March, and said in October it would fully quit the Russian market, selling stakes in its Russian assets to a local investor.
Its exit is part of a exodus of global companies from Russia after Moscow sent tens of thousands of troops into Ukraine last February.
Under Russian law, Putin is required to approve the sale of stakes in Russian finance or energy ventures, while approval from a separate government commission is required for deals involving firms from so-called “unfriendly” countries that have imposed sanctions against Russia….