British American Tobacco, maker of Lucky Strike and Dunhill cigarettes, said Thursday it had agreed to sell its Russian business in the wake of Moscow’s invasion of Ukraine.
The London-listed company has “entered into an agreement to sell its Russian and Belarusian business” to a consortium led by members of BAT Russia’s management team, it said in a statement.
Like many other foreign firms, the group stated its intention last year to pull out of Russia after Moscow launched its assault on neighbouring Ukraine in February 2022.
Moscow used Belarusian territory as a launchpad for its Ukraine offensive.
The sale, for an undisclosed price, is expected to complete next month and complies with local and international laws.
“Upon completion, BAT will no longer have a presence in Russia or Belarus and will receive no financial gain from ongoing sales in these markets,” it added.
BAT’s Belarus and Russia activities account for about 2.7 per cent of total revenues and 2.5 per cent of adjusted profits.
The new owners will rename the business ITMS Group.