French carmaker Renault joined the ranks of countless global brands suspending their operations in Russia over the invasion of Ukraine, as the automotive giant faced boycott calls for its inaction over leaving one of its core markets.

Renault announced Wednesday it was immediately suspending operations at its Moscow factory, while adding that it is also considering "the possible options" for its Russian affiliate AvtoVAZ, the company said in a statement.

"Renault Group has to revise its 2022 financial outlook with a Group operating margin of around 3% versus at least 4% previously," the company said, adjusting its automotive cash flow outlook to "positive" from a previous estimate of 1 billion euros ($1.10 billion) or above.

"Renault Group reminds that it already implements the necessary measures to comply with international sanctions," the company said in its first comment on the issue since the start of the war. The statement made no mention of the crisis in Ukraine.

Ukraine's foreign minister on Wednesday called for a global boycott of Renault over its earlier refusal to leave the Russian market in the aftermath of the Kremlin's invasion of Ukraine.

"Renault refuses to pull out of Russia," Foreign Minister Dmytro Kuleba said on Twitter ahead of Renault's announcement. "I call on customers and businesses around the globe to boycott Group Renault."

Renault, in its statement issued later Wednesday, said the group's "activities in its manufacturing plant in Moscow are suspended as of today."

Partly state-owned Renault had suspended its production at its plants near Moscow last month after Russia's invasion but subsequently resumed production according to reports. After resuming Russian production earlier this month, the company announced a further partial shutdown at its Tolyatti and Izhevsk sites this week, citing shortages of electronic components.

Western carmakers have ventured into Russia to assemble cars over the past two decades as the country's economy expanded. Russia's top automaker, AvtoVAZ, is part of the Renault-Nissan group.

Renault is particularly exposed as it invested in AvtoVAZ alongside Rostec, a state-owned defense conglomerate run by a sanctioned close ally of Russian President Vladimir Putin.

Renault controls 69% of AvtoVAZ. "Regarding its stake in AvtoVAZ, Renault Group is assessing the available options, taking into account the current environment, while acting responsibly towards its 45,000 employees in Russia," the statement said.

Ukrainian President Volodymyr Zelenskyy earlier accused Renault of financing the war and said Renault, among other French companies, must stop "financing the murder of children and women, of rape."

Russia calls its actions in Ukraine a "special operation" that it says is not designed to occupy territory but to destroy its southern neighbor's military capabilities and capture what it regards as dangerous nationalists.

Renault derives 8% of its core earnings from Russia, according to Citibank, mainly through its 69% stake in AvtoVAZ, which is behind the Lada car brand.

According to two sources close to the matter who spoke to Reuters, Renault's board of directors considered different scenarios but decided for the time being to maintain a presence in Russia.

The French government has said repeatedly it was up to French companies to decide on the future of their operations in Russia, as long as they comply with international sanctions.

Renault's Russian operations last year accounted for almost 20% of total group volume, but Renault Chairperson Jean-Dominique Senard said on March 10, two weeks into the war, that the crisis was unlikely to threaten the French carmaker's recovery.

Renault said on Wednesday it will quantify the value of assets affected by the decision on the Moscow plant when it releases half-year results. Last year those assets stood at 2.2 billion euros ($2.42 billion), the company said.