Japan Tobacco Inc. (JT) (TSE: 2914) has announced that effective immediately, its subsidiary, JTI, will suspend all new investments and marketing activities as well as the planned launch of its latest Heated Tobacco product Ploom X in Russia. The challenges of operating in Russia at this time are unprecedented and JTI needs some time to assess the long-term implications of the situation which all large international investors in Russia are currently facing. Unless the operating environment and geopolitical situation improve significantly, JTI cannot exclude the possibility of a suspension of its manufacturing operations in the country.
Russia is one of JTI’s largest markets. JTI has 4 factories and employs close to 4,000 people in the country. JTI remains committed to its workforce and all employees will be retained for the foreseeable future. […]