Philip Morris International Inc. (NYSE: PM) today announces the suspension of its planned investments in the Russian Federation, including all new product launches and commercial, innovation, and manufacturing investments. PMI has also activated plans to scale down its manufacturing operations in Russia amid ongoing supply chain disruptions and the evolving regulatory environment. We will continue to monitor the situation as it evolves.
“We have watched with shock the war in Ukraine and condemn the violence in the strongest possible terms. We stand in solidarity with the innocent men, women, and children who are suffering,” said Jacek Olczak, Chief Executive Officer. “We join the many voices calling for an immediate end to the war and the restoration of peace.”
“Our immediate priority is the safety and security of our more than one thousand employees and their families in Ukraine. We have taken action to achieve three critical missions: helping to evacuate more than 800 people, to date, including from the most impacted areas; providing critical aid to employees who remain in Ukraine; and providing those who have left the country with logistical, medical, financial, and other practical support in neighboring countries. We are continuing to pay salaries to all our Ukrainian employees during this period.”
PMI continues to support humanitarian efforts, provide aid, and do everything possible for our employees and the people of Ukraine.
We have delivered shipments of food, medicine, and other basic necessities, in partnership with NGOs in multiple countries.
Within a recent five-day period, our employees donated over USD 300,000 to support aid efforts through our employee-led charitable program, Projects with a Heart. PMI will match these donations. In addition, PMI has pledged an initial USD 10 million to support international humanitarian efforts.
Jacek Olczak added: “Given the situation, the Board of Directors and our Senior Management Team have decided to suspend all our planned investments in Russia and activate plans to scale down our manufacturing operations. We will support our employees in Russia through this period, including by continuing to pay their salaries.”