London CNN —British American Tobacco has struck an agreement to sell its businesses in Russia and Belarus, the company announced Thursday, more than 18 months after Moscow’s full-scale invasion of Ukraine sparked a mass exodus of Western firms from Russia.
BAT (BTI) said in a statement that it had entered into a formal sales agreement with a consortium led by members of the management team of its Russian operations.
In February, the company said its 2022 results had been dented by a £612 million ($764 million) charge related to its Russian and Belarusian businesses.
BAT's London offices seen in January 2021 Toby Melville/ReutersBAT’s Russian and Belarusian businesses account for about 2.7% of its revenue.
Dutch beer maker Heineken announced its departure from the country last month, saying it had sold its Russian business for a symbolic €1 ($1).
Persons:
—, Toby Melville, Dolf van den Brink
Organizations:
London CNN, British, Tobacco, BAT, Reuters, Russian, Heineken, .
Locations:
Russia, Belarus, Ukraine, London