MOSCOW, September 7. /TASS/. British American Tobacco has announced sale of business in Russia and Belarus, with trademarks to remain in the ownership of the Russian business, the press service of the company’s Russian office told TASS.

"BAT Group announced conclusion of an agreement on sale of business in Russia and Belarus today. All trademarks being used now will remain in the ownership of the Russian business. Consequently, consumers will continue receiving high-quality products they are used to under familiar brands," the press service said.

After completion of the transfer of business the new structure will be known as the ITMS Group.

The buyer is a consortium led by members of BAT Russia’s management team which, upon completion, will wholly own both businesses, the press service added.

"Throughout the transfer process, same as after it, among the new owner’s key priorities are uninterrupted business processes, ensured employment of the staff and the implementation of the investment plan approved by the governmental subcommittee," the company noted.

British American Tobacco announced plans to sell its business in Russia and Belarus by the end of the year in February 2023. Last July the company known for such brands as Dunhill, Lucky Strike and Rothmans, reported losses worth 957 mln pounds sterling ($1.2 bln) due to its withdrawal from the Russian market.