Philip Morris CEO Says Russia Exit Won’t Happen Until Year End

Philip Morris International Inc.’s exit from the Russian market probably won’t happen until close to the end of the year, the company’s chief executive officer said.

“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.”