Mercedes-Benz becomes latest company to pull out of Russia

Following the invasion of Ukraine in February, Mercedes has become the latest Western company to pull out of Russia.

The German-based firm stopped manufacturing and exporting to the country in early March.

Now it says it will withdraw from the Russian market and sell shares in its subsidiaries to a local investor.

Japan's Nissan left Russia earlier this month, following the same move by Toyota and Renault.

Nissan took a $700 million loss in handing over its business to a state-owned entity for a nominal fee, reportedly less than £1.

The chief financial officer of Mercedes, Harald Wilhelm, said its move out of Russia was not expected to have any serious new effect on the company's profits.