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- March 24 (Reuters) - Marlboro maker Philip Morris International Inc is
working on options to exit the Russian market, citing a complex and rapidly changing regulatory and operating environment in the country following its invasion of Ukraine. @
The company, which garnered around 6% its net revenue from Russia in 2021, said on Thursday it has discontinued sale of several cigarette products and canceled all product launches for the year in Russia. @
It has also canceled plans to make over 20 billion TEREA sticks, heated tobacco units intended for use with its IQOS ILUMA devices, as well as related investment of $150 million. @ Earlier this month, Philip Morris had suspended its planned investments and decided to scale down manufacturing operations in the country. @
@ Rival Imperial Brands too has started talks to transfer its Russian business to a local third party, joining BAT in exiting the sanction-hit country. (Reporting by Praveen Paramasivam in Bengaluru
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