10 Mar 2022
Philip Morris suspends investments in Russia and Halves Manufacturing
The Index Today
The giant cigarette maker said on Wednesday that Philip Morris International Inc. has suspended its planned investments in the Russian Federation, and will scale down manufacturing operations in the country following Moscow's invasion of Ukraine.
Reuters reported that the previously planned investments include new product launches as well as commercial, innovation and manufacturing investments. The company, like many Western brands is continuing to pay salaries to all its employees in Russia and Ukraine during this period.
Philip Morris has one factory and nearly 1,300 employees in Ukraine and more than 3,200 workers in Russia.
Reuters added that the UK-listed tobacco firm Imperial Brands Plc has also suspended all operations in Russia, following international sanctions against the country.
©Photo: Financial Times