Michelin tyre to leave Russia

French tyre group Michelin said Tuesday it plans to transfer its activities in Russia to local management, the latest foreign firm to exit the country following Moscow's invasion of Ukraine.

Hundreds of Western companies ranging from furniture store Ikea to fast-food chain McDonald's and sports retailer Nike have left Russia since the war erupted in late February and sanctions were imposed on Moscow.

Michelin cited supply chain problems as the main reason behind its decision to give up business in Russia.

"After suspending its manufacturing activities in Russia on March 15, Michelin now confirms that it is technically impossible to resume production, due in particular to supply issues, amid a context of general uncertainty," the tyre company said in a statement.