PMI admits it can’t quit Russia due to international financial regulations

More than 15 months after pledging to “scale down” its activities in Russia, Philip Morris International (PMI) has said it can’t pull out of the Russian market.

Alongside most of the other major tobacco companies, PMI suggested it would suspend operations in Russia following the country’s invasion of Ukraine in February last year. So far, however, only Imperial Brands has actually made good on that promise.