September 8, 2023: On Thursday, the multinational cigarette maker decided to trade Russian and Belarusian enterprises in compliance with regional and international laws.
Financial terms of the agreement were not disclosed, but the transaction is expected to be completed within a month, the company said.
“Upon completion, BAT will not have a presence in Russia or Belarus and will receive no financial gain from ongoing sales in these markets,” it added.
Since Russia plagued Ukraine in early 2022, thousands of companies such as Apple, McDonald’s, and Coca-Cola have pulled out of Russia. However, other global tobacco giants, including Japan Tobacco International and Philip Morris International, are still doing business in the country.
London-based BAT is a critical player in the global tobacco market with business operations in over a hundred countries and top brands, including Camel and Newport.
Reuters stated it controlled about 25% of Russia’s fourth-largest tobacco market internationally.
The buyer is a consortium led by BAT Russia’s management team members, which will wholly own the Russian and Belarusian businesses, BAT said. They will then be known as the ITMS Group.
BAT said that the employment of workers in Russia will remain comparable to their current terms for nearly two years after the deal closes.
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