© Reuters. FILE PHOTO: Volkswagen is pictured during the 63rd Annual General Meeting of Volkswagen AG in Berlin, Germany May 10, 2023. REUTERS/Annegret Hilse

BERLIN (Reuters) – Volkswagen (ETR:) has completed the sale of its shares in its Russian business Volkswagen Group Rus LLC as well as its local subsidiaries, the German carmaker said on Friday, following approval of the deal by Russian authorities.

The buyer is Art-Finance LLC, which is supported by autodealer group Avilon, VW said in a statement, adding that the transaction included its production facilities in Kaluga.

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