MOSCOW, Feb 9 (PRIME) -- Philip Morris International (PMI) has difficulties in selling its U.S.$2.5 billion Russian business, the company said in an annual report on Thursday.
"In Russia, the environment for divestment has become increasingly challenging and complex", the company said.
"PMI is continuously assessing the evolving situation in Russia, including: recent regulatory constraints in the market that entail very complex terms and conditions that must be met for any divestment transaction to be granted approval by the authorities; and restrictions resulting from international regulations."
According to the company, the valuation does not include the account surplus, including about $600 million are cash and equivalents, mostly in rubles.
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