"We are working hard to conclude our presence in Russia, but I don't think it's going to happen in the time frame of the next quarter," Jacek Olczak said in a Bloomberg Television interview. It could be completed "around year end," he said, noting "it's a pretty complicated process."
Philip Morris said in March that it was working on options of leaving Russia due to full-fledged hostilities in Ukraine.
H&M, Wella, and Oriflame earlier announced their decision to wrap up their business in Russia, thereby joining the growing list of companies quitting the country.
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