Philip Morris Takes Steps To Scale Down Manufacturing Operations In Russia

(RTTNews) - Philip Morris International Inc. (PM) said it has discontinued a number of its cigarette products offered in the Russian Federation and is reducing its manufacturing activities accordingly. The company has also suspended marketing activities in the country.

Philip Morris canceled all product launches planned for 2022 in Russia, including the launch of its flagship heated tobacco product IQOS ILUMA, originally planned for March 2022. The company also canceled its plans to manufacture more than 20 billion TEREA sticks in Russia and the related ongoing investment of $150 million.

The company's Board and senior executives are working on options to exit the Russian market in an orderly manner.