Renault SA, the Western car maker most exposed to the Russian market, said on Wednesday it would suspend operations at its plant in Moscow while it assesses options on its majority stake in Avtovaz, the country’s No. 1 car maker.

The move came amid mounting pressure over the French company’s continued presence in Russia since the country invaded Ukraine. Ukraine’s foreign minister, Dmytro Kuleba, has called for a global boycott of Renault.

“Renault Group reminds that it already implements the necessary measures to comply with international sanctions,” the company said in Wednesday’s statement, its first on the issue since the start of the war. The statement made no mention of the crisis in Ukraine.

The French car maker on Wednesday revised its operating group margin to around 3 per cent from at or above 4 per cent in 2022 and adjusted its automotive cash flow outlook to “positive” from a previous estimate of 1 billion euros ($1.10 billion) or above.

Nestle suspends sales

Nestlé said Wednesday that it was suspending sales of its KitKat and Nesquik brands in Russia, the latest effort from a global consumer giant to rethink operations there.

Nestlé said it was suspending sales of “the vast majority” of its prewar volume of products in Russia, including pet food, coffee and candy. It had already halted “nonessential” imports and exports into and out of Russia, alongside advertising and capital investment. The company is also fully complying with all international sanctions on Russia, it said.