U.S. carmaker Ford Motor has left the Russian market by selling its stake in the Sollers joint venture, RIA Novosti reported.

Ford Motor Company has completed its exit from its previously suspended operations in Russia by selling its 49% stake in the Sollers Ford joint venture, the company said in a statement.

The company also specifies that Ford shares will be transferred to the joint venture at par value. Ford retains the option to buy back the shares within 5 years if the world situation changes.

Sollers Auto is a Russian car company that works in partnership with Ford, Mazda and Isuzu. The company owns production facilities that produce Russian SUVs and light commercial vehicles UAZ and gasoline engines ZMZ. The company's shares are traded on the Moscow Stock Exchange.