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 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. It expects the deal to complete within the next month, it added. “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,” the company said. A BAT spokesperson declined to comment on sale price.
The $72 billion company said as far back as March last year, shortly after outbreak of the war, that its ownership of the Russian business was “no longer sustainable in the current environment.” But since then, the Kremlin has made it increasingly difficult for Western companies to withdraw from Russia and obliges them to pay a hefty fee to the government on selling their assets.
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