Tobacco giant sanctions Russia

Tobacco giant sanctions Russia

One of the world’s largest tobacco manufacturers, Philip Morris International (PMI), said on Wednesday it was reducing production volumes and suspending planned investments in Russia amid ongoing supply chain disruptions and a changing regulatory framework.

The announcement comes as major international businesses are pulling out of Russia due to Western sanctions against Moscow over its military offensive in Ukraine.

The previously planned investments in the country by the tobacco giant included new product launches, as well as commercial, innovation, and manufacturing investments. Philip Morris owns such brands as Parliament, Marlboro, Chesterfield, L&M, Next, as well as Heets sticks for IQOS.

PMI clarified that it will continue to pay the salaries of all of its more than 3,200 employees in Russia.

Earlier, UK-listed tobacco firm Imperial Brands also suspended all operations in Russia, following international sanctions against the country.

For more stories on economy & finance visit RT's business section

Source: www.rt.com

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