Philip Morris Suspends Investment In Russia

  • Cigarette maker Philip Morris International Inc PM is the latest joiner in the list of multinationals stepping back from Russia.
  • Nestle SA NSRGY and Imperial Brands PLC IMBBY have also joined the list of companies giving in to pressure from consumers to take a stand against the war in Ukraine, Reuters reported.
  • Consumer goods giants including Proctor & Gamble Co PG and Unilever Plc UL have halted investments in Russia.
  • Coca-Cola Co KOPepsiCo Inc PEP, and McDonald's Corp MCD are the big names in the consumer food industry to pull back from the country.
  • The report cited Andrei Turchak, secretary of the ruling United Russia party's general council, warning that the country could nationalize idled foreign assets.
  • The report quoted Turchak, saying, "We will take tough retaliatory measures, acting in accordance with the laws of war."
  • Price Action: PM shares traded higher by 0.30% at $94.26 on the last check Wednesday.
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