The multinational cigarette manufacturer said on Monday morning it reviewed its presence in Russia in a 'highly complex, exceptionally fast-moving and volatile' context, and that it prided itself on its 'values and ethos'. | Fin24
One of the world's largest tobacco companies, British American Tobacco , is pulling out of Russia in the wake of the country's invasion of neighbouring Ukraine.
"We have concluded that BAT’s ownership of the business in Russia is no longer sustainable in the current environment," it said in a statement. BAT, headquartered in London, is the second-largest tobacco company in the world. BATSA in South Africa forms part of the group. Brands include Dunhill, Kent, Vogue, Rothmans, Pall Mall and Lucky Strike.
BAT has a market share of almost 24% in the Russian tobacco market. Fin24 reported last week that BAT has lost more than R110 billion – more than 7% - of its market value since the invasion. Its e-cigarette brand glo is the second-biggest in the country, measured in volume.
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