Imperial Brands suspends all Russian operations

Tobacco giant Imperial Brands has suspended all operations in Russia following the country's invasion of neighbouring Ukraine.

Imperial Brands said on Wednesday that it was halting production at its factory in Volgograd, as well as ceasing all sales and marketing activity in the country, amid "a highly challenging environment" in Russia as a result of international sanctions and consequential severe disruption.

"We will be supporting our Russian employees, who continue to be paid while operations are paused," said Imperial. "We have already suspended our operations in Ukraine in order to prioritise the safety and wellbeing of our 600 employees in that country."

Imperial Brands added that both Russia and Ukraine were "relatively small markets" in the broader context of the group, representing around 2% of net revenues and 0.5% of adjusted operating profits in 2021.

As of 1110 GMT, Imperial shares were up 3.02% at 1,537.0p.