British American Tobacco (BAT) has announced it will exit Russia and cut its fiscal 2022 guidance as a result.

“Building on our announcement of 9 March 2022, we have now completed the review of our presence in Russia. The context is highly complex, exceptionally fast-moving and volatile,” BAT said in a statement.
BAT said its ownership of the business in Russia is no longer sustainable in the current environment.
“Today, we have initiated the process to rapidly transfer our Russian business in full compliance with international and local laws. Beyond continuing to pay our 2,500 employees, we will do our utmost to safeguard their future employment. Upon completion, BAT will no longer have a presence in Russia.”
Following its decision on 11 March, and in light of the continuing uncertainty related to Ukraine and Russia and the possible indirect impact on the rest of the Group, BAT considers it prudent to revise its guidance for full year 2022. “We now expect constant currency Group revenue growth of 2 per cent to 4 per cent and Mid-Single Figure constant currency adjusted diluted EPS growth. In 2021, Ukraine and Russia accounted for 3 per cent of Group revenue and a slightly lower proportion of adjusted profit from operations,” BAT said.