Imperial Brands has announced that is has started negotiations to transfer its assets and operations in Russia to a local third party, according to a company press release.

After announcing in a previous press release that it had suspended all operations in Russia, Imperial Brands has now said it has begun negotiations with a third party in Russia to seek a transfer of all its 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,” the press release reads. Imperial Brands employs 1,000 people in Russia in its sales and marketing operations as well as in its factory in Volgograd and said that the safety and wellbeing of its employees is a key priority. The press release also stated that Imperial Brands will continue to pay all salaries until any transfer is concluded.
Furthermore, the company is supporting its Ukrainian colleagues and families by helping them to escape areas of conflict and offering resettlement assistance for those who have already left Ukraine.
The press release stated that although the suspension of operations in Ukraine would lead to some ongoing costs, they would have a “relatively small impact on our constant currency adjusted operating profit.” Imperial Brands now expects a full-year constant currency net revenue growth of around 0-1 per cent.