Signage is seen at the London offices of British American Tobacco, in London, Britain, January 15, 2021. REUTERS/Toby Melville
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LONDON, March 9 (Reuters) – Camel and Lucky Strike cigarette maker British American Tobacco Plc (BATS.L) said on Wednesday its business in Russia continued to operate, but that it had suspended all planned capital investment in the country following theUkraine invasion.
BAT, which has 2,500 workers in Russia and major local manufacturing operations, also said it was “scaling our business activities appropriate to the current situation, including rationalising our marketing activities.”
The Ukraine crisis has put pressure on multinational companies to take action, with a growing list of consumer products manufacturers distancing themselves from Russia this week. read more
BAT’s announcement comes hours after Philip Morris International Inc (PM.N) suspended its planned investments in Russia and said it would scale down manufacturing in the country. Smaller London-listed rival Imperial Brands (IMB.L) also said on Wednesday that it had paused operations in Russia. read more
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Reporting by Richa Naidu
Editing by Mark Potter and Jane Merriman
Our Standards: The Thomson Reuters Trust Principles.
