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15 Mar 2022, 08:01

Tobacco company Imperial Brands to transfer Russian assets and operations

Earlier, Imperial Brands suspended all operations in Ukraine

MOSCOW, March 15. /TASS/. The UK tobacco company Imperial Brands, the world’s fourth-biggest producer of cigarettes, will transfer its Russian assets and operations, according to a statement released on its website on Tuesday.

"We have begun negotiations with a local third party about a transfer of our Russian assets and operations. We believe that, in the current circumstances, an orderly transfer of our business as a going concern would be in the best interests of our Russian colleagues. We employ 1,000 people in Russia in our sales and marketing operations and in our factory in Volgograd - and their safety and wellbeing is our key priority in this process. We will also continue to pay their salaries until any transfer is concluded," the statement said.

Earlier reports said that Imperial Brands had suspended all operations in Russia, including halting production at the Volgograd factory and ceasing all sales and marketing activity. The company, which owns Davidoff, Richmond and Gitanes brands, said on March 9 that it would be supporting its Russian employees, who continued to be paid while operations were paused.

Earlier, Imperial Brands suspended all operations in Ukraine. Russia and Ukraine in total represent around 2% of the company’s net revenues and half a percent of adjusted operating profit in 2021, according to the statement.