Imperial Brands starts talks to hand business in Russia to Russian entity

MOSCOW. March 15 (Interfax) - Imperial Brands, which earlier announced the suspension of operations in Russia, has begun negotiations with a "local third party" about transferring its Russian assets and operations, the tobacco company said in a statement on Tuesday.

"We believe that, in the current circumstances, an orderly transfer of our business as a going concern would be in the best interests of our Russian colleagues. We employ 1,000 people in Russia in our sales and marketing operations and in our factory in Volgograd - and their safety and wellbeing is our key priority in this process. We will also continue to pay their salaries until any transfer is concluded," the company said.

Imperial Brands said earlier that it was suspending operations in Russia, including production at its factory in Volgograd, sales and marketing.

UK-based Imperial Brands Plc, a division of Imperial Tobacco, produces cigarettes under brands such as Davidoff, Gauloises, JPS, Fine and West.