Tobacco giant British American Tobacco sells its business in Russia and Belarus
Photo: Illustrative photo (Getty Images)
British American Tobacco, the world's second-largest tobacco product manufacturer, has officially completed the sale of its Russian and Belarusian operations, according to the company's statement.
"Further to our announcement on 7 September 2023, we have now completed the sale of our Russian and Belarusian businesses," the statement said.
The company noted that the sale was carried out in compliance with local and international laws and after obtaining all necessary approvals.
British American Tobacco Plc
One of the world's largest tobacco product manufacturers with its headquarters in London. The company's portfolio includes brands such as Dunhill, Kent, Vogue, Pall Mall, Lucky Strike, and more.
Background
Last week, British American Tobacco announced that it would sell its Russian and Belarusian businesses to a consortium led by a Russian management team, concluding an 18-month process.
BAT, which controlled just under 25% of the Russian tobacco market, stated that it has officially agreed to divest its business in compliance with local and international laws.
"Upon completion, BAT will no longer have a presence in Russia or Belarus and will receive no financial gain from ongoing sales in these markets," the company said, adding that they expect to finalize the deal within the next month.
International businesses exiting the Russian market
Following Western countries' sanctions against Russia, several foreign brands have chosen to sell their businesses in Russia. For example, the French tire manufacturer Michelin sold its plant in Russia.
Recently, Japanese retailer Uniqlo decided to terminate leases for all of its stores in Russia, effectively ceasing its operations in the country.
