Japanese automobile manufacturer Nissan announced Tuesday that it would sell all its assets to Russia for €1 ($0.97), signaling its exit from the Russian market.

Nissan will transfer its operations to NAMI, Russia's Central Research and Development Automobile and Engine Institute.

The automaker said the sale would lead to a loss of about ¥100 billion ($687 million), but the terms would allow a buyback in the next six years. It added that its employees would receive employment protection for 12 months under the new ownership.

"On behalf of Nissan, I thank our Russian colleagues for their contribution to the business over many years. While we cannot continue operating in the market, we have found the best possible solution to support our people," said Nissan President and CEO Makoto Uchida.

In March, Nissan suspended its production in St. Petersburg following Russia's invasion of Ukraine.