Japanese automaker Nissan sold its holdings in Russia for the symbolic price of one ruble.

"During the course of the negotiations, we managed to find a format in which the company maintains its operability: the core competencies, the production cycle and the jobs are retained - and that is after all 2000 employees of the company," said Industry Minister Denis Manturov according to a press release his ministry on Tuesday.

Shares in Nissan's Russian subsidiary will be transferred to a state-owned automotive research institute called NAMI for one ruble, Nissan said in a statement.

The one-time loss is a forecast based on the current exchange rate, which is subject to change.

Nissan will have a six-year buyback right.

Renault had also sold its Russian business worth 2.2 billion euros to NAMI for a symbolic amount.

Its partner's decision to follow suit will cost the French company a further 331 million euros, a statement said.

Renault had also secured a buyback right.

Mitsubishi Motors, the third member of the auto industry's largest formal alliance, is also considering an exit, Japanese newspaper Nikkei reported on Tuesday.

The company stopped production at its Kaluga plant in April