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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)