Philip Morris Intends To Exit Russian Market

• Philip Morris International Inc (NYSE:PM) has listed the steps taken to suspend planned investments and scale down its manufacturing operations in Russia.
• The company also works on options to exit the Russian market in an orderly manner.
• The tobacco giant has discontinued its cigarette products offered in the market and reduced its manufacturing activities.
• Philip Morris has suspended its marketing activities and has canceled all product launches planned for 2022 in Russia.
• The company canceled an investment of $150 million for its heated tobacco products.
• Russia made up almost 10% of total shipment volumes and around 6% of the company’s net revenues in 2021.
• Price Action: PM shares traded higher by 1.22% at $92.36 on the last check Thursday.