683313 comments

• Comment Link Friday, 06 December 2024 11:37 posted by iqos one i

  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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