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British American Tobacco PLC - London-based cigarettes, tobacco and other nicotine products maker - Completes the sale of its Russian and Belarusian businesses following West-led sanctions aimed at punishing Moscow for invading Ukraine.
Earlier in September, BAT announced the sale. It said the the buyer is a consortium led by members of BAT Russia’s management team which, upon completion, will wholly own both businesses. The businesses will now be known as the ITMS Group. Following completion, BAT said it will no longer have a presence in Russia or Belarus, and will receive no financial gain from ongoing sales in these markets.
Scores of multinational companies have either exited or announced plans to leave Russia since it launched its invasion of Ukraine on February 24, 2022. The US and other Western allies have slapped Russia with numerous sanctions.
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