The Clap Deutsche Bank (NYSE: DB) & producer of the Camel & Lucky Strike cigarette brands British American Tobacco “BAT” (NYSE: BTI) are the latest companies to announce exits from Russia.
Deutsche Deutsche felt mounting pressure from investors as soon as its counterparts announced plans to unwind operations in Russia. The bank is currently winding down its business in Russia, & “there won’t be any new business in Russia.”
BAT BAT will also exit its Russia operations, & is looking for a buyer to transfer its business to. BAT makes up almost a quarter of Russia’s tobacco market, & this move will cut its annual revenue growth forecast from 3-5% to 2-4%. Ukraine & Russia made up 3% of BAT’s 2021 revenues.