Philip Morris to quit Russian market 'around year end'

Philip Morris International Inc.'s exit from the Russian market probably won't happen until close to the end of the year, the company's chief executive officer said, Report informs, citing Bloomberg.

"We are working hard to conclude our presence in Russia, but I don't think it's going to happen in the time frame of the next quarter," Jacek Olczak said in a Bloomberg Television interview. It could be completed "around year end," he said, noting "it's a pretty complicated process."

Philip Morris said in March that it was working on options of leaving Russia due to full-fledged hostilities in Ukraine.

H&M, Wella, and Oriflame earlier announced their decision to wrap up their business in Russia, thereby joining the growing list of companies quitting the country.