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144905 comments
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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