Philip Morris International’s CEO Jacek Olczak has said that the tobacco company’s exit from the Russian market will probably not happen until the end of the year, reports Bloomberg.
PMI said that it was suspending planned investments in Russia and considering exiting the market back in March. Now, PMI’s CEO Jacek Olczak has said that the company’s exit from the Russian market may take a little longer than planned.
“We are working hard to conclude our presence in Russia but I don’t think it’s going to happen in the time frame of the next quarter,” Olczak told Bloomberg Television (US), adding that this could happen “around year end, but “it’s a pretty complicated process.”
PMI opened its first office in Russia in 1992, and now has over 3,200 employees in Russia. Russia accounted for close to 10 per cent of PMI’s cigarette and heated tobacco product sales in 2021 and about 6 per cent of the company’s global revenue.