Russia

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Chief of Russia's biggest carmaker Avtovaz to step down: Company

Russia's biggest carmaker Avtovaz, majority owned by Renault-Nissan, said on March 7 its chief executive Bo Andersson is to step down.

Hit hard by Russia's economic crisis, the company, which makes Lada cars, has been battling with bankruptcy fears since last month reporting a tripling of net losses for 2015.

Cost of Russian crisis continues to rise

Economic sanctions imposed by the Kremlin after Ankara shot down a Russian warplane last year have begun to take their toll on Turkey's economy, with the country's set to lost upwards of $8.3 billion in 2016After Turkey shot down a Russian war plane along the Syrian border on Nov. 24, 2015, the Russian administration decided on a series of economic sanctions against Turkey.

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