BAT to complete sale of Russian business in 2023

BAT to complete sale of Russian business in 2023

(Reuters) – British American Tobacco said on Thursday it expects to complete the sale of its Russian business to its local partner in 2023, as it exits Russia — where it controlled almost a quarter of the market before the country invaded Ukraine.

The Lucky Strike cigarette maker, which had said in March 2022 that it would exit Russia after Moscows invasion, is also set to transfer its Belarusian unit this year.

The company reported its full-year adjusted profit from operations at 12.4 billion pounds ($15.01 billion), a jump of 11%, driven by strong demand for its e-cigarettes and oral nicotine products.

($1 = 0.8262 pounds)

(Reporting by Sinchita Mitra and Muhammed Husain in Bengaluru; editing by Uttaresh.V)

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