Avtovaz, Russia’s biggest carmaker, has confirmed plans to sell up to 25 per cent of its shares in London and Moscow this autumn, as it sealed a deal with Renault giving the French carmaker privileged access to the country’s fast-growing car market.

A final decision will be made in May when global market conditions may become clearer, says Ruben Vardanyan, chief executive of Troika Dialog, the Moscow investment bank that holds a 25 per cent stake.