Hyundai Motor Company has decided to sell its plant in Russia which had suspended operations since March of last year due to the Russia-Ukraine war. 

The automaker said on Tuesday that its board approved the sale of Hyundai Motor Manufacturing Rus(HMMR) in Saint Petersburg as well as a General Motors plant it bought in 2020 in the same city. 

Russian firm Art-Finance is purchasing the plants for ten-thousand rubles, or around 145-thousand won. Hyundai said the low price is in consideration of an option to buy back the operations in two years' time. 

Hyundai will continue to provide repair services for vehicles that have already been sold. 

HMMR is Hyundai Motor’s sixth production base overseas. It began operating in 2011, a year after its construction was completed.