PRAGUE, March 16. /TASS/. Skoda, a Czech automaker and an affiliate of Volkswagen, has lost almost 700 million euros due to its exit from the Russian market after February 24, 2022, CEO Klaus Zellmer told reporters on Thursday.

"Skoda lost almost 700 million euros in connection with closing the business activity in Russia," the chief executive said. "The company is holding negotiations on a sale of [its] plants and the dealership chain [in Russia]. They are at the closing phase," Zellmer noted.

The chief executive did not name the company’s counterpart in the asset sale talks in Russia. Skoda’s financial losses stemmed from the need to keep its auto plants and dealership chain in operating condition despite the fact that Skoda cars are no longer produced or sold in Russia.

"[There are] no chances that we will resume production and sales there [in Russia] in the near future," Zellmer added. Skoda made cars at its plants in Kaluga and Nizhny Novgorod.

Russia was Skoda’s second largest overseas market in terms of sales volume as of 2021.