British American Tobacco may not leave Russia until 2024

British American Tobacco informedthat wants to sell all its assets in Russia and Belarus before the end of the year. However, as he said in an interview Financial Times CEO of the manufacturer Jack Bowles, the process of leaving Russia is not so simple and the sale of the business can take place only in 2024.

“We want to get out (from Russia.— ”b”) in 2023… But I don’t have the gift of foresight, so I can’t be absolutely sure about this. But the goal is really like that,” said Mr. Bowles.

“We are in the process of discussing the possibility of transferring the business to a consortium representing local management and our distributor. This transfer format will help further develop our Russian business without impact on the supply chain and employees. Until the end of this process, we cannot share further comments. At the same time, throughout the process of business transfer, the company’s products are produced and supplied to our trading partners without interruption,” the BAT press service said.

british american tobacco announced about leaving Russia in early March 2022. The decision was made against the background of the Russian military operation in Ukraine. However, cigarette maker Dunhill and Lucky Strike have so far failed to complete the transfer of business to local partners. As noted in the company’s financials today, it is in an “advanced stage of negotiations” to transfer the business.

Earlier today, February 9, on the difficulties in the sale of Russian assets informed Philip Morris International (Marlboro, Parliament, Bond, Chesterfield, L&M, Next brands, IQOS sticks). The corporation valued them at $2.5 billion.

Kirill Sarkhanyants