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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Symmetry is the ordering principle in nature that represents the center of balance between two or more
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