Philip Morris Intends To Exit Russian Market

Philip Morris International Inc PM has listed the steps taken to suspend planned investments and scale down its manufacturing operations in Russia.
The company also works on options to exit the Russian market in an orderly manner.
The tobacco giant has discontinued its cigarette products offered in the market and reduced its manufacturing activities.
Philip Morris has suspended its marketing activities and has canceled all product launches planned for 2022 in Russia.
The company canceled an investment of $150 million for its heated tobacco products.
Russia made up almost 10% of total shipment volumes and around 6% of the company’s net revenues in 2021.
Price Action: PM shares traded higher by 1.22% at $92.36 on the last check Thursday.