icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
9 Mar, 2022 17:32

Tobacco giant sanctions Russia

Philip Morris will wind down manufacturing in the country
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