Philip Morris Suspends Investment In Russia

Author: Shivani Kumaresan | March 09, 2022 03:13pm

Cigarette maker Philip Morris International Inc (NYSE:PM) is the latest joiner in the list of multinationals stepping back from Russia.
Nestle SA (OTC:NSRGY) and Imperial Brands PLC (OTC: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 (NYSE:PG) and Unilever Plc (NYSE:UL) have halted investments in Russia.
Coca-Cola Co (NYSE:KO), PepsiCo Inc (NASDAQ:PEP), and McDonald's Corp (NYSE: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.