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March 24 (Reuters) - Marlboro maker Philip Morris International Inc is working on options to exit the
Russian market, citing a complex and rapidly changing regulatory and operating environment
in the country following its invasion of
Ukraine.
The company, which garnered around 6% its net revenue from Russia in 2021, said on Thursday
it has discontinued sale of several cigarette products and canceled all product
launches for the year in Russia.
It has also canceled plans to make over 20 billion TEREA sticks, heated tobacco units
intended for use with its IQOS ILUMA devices, as well as
related investment of $150 million.
Earlier this month, Philip Morris had suspended its planned investments
and decided to scale down manufacturing operations in the country.
Rival Imperial Brands too has started talks to transfer
its Russian business to a local third party, joining BAT in exiting the sanction-hit country.
(Reporting by Praveen Paramasivam in Bengaluru; Editing by Aditya Soni and Arun Koyyur) -
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