OREANDA-NEWS  British American Tobacco (BAT) called the sale of Russian assets at a "far from reality" price a big blow. This is how Tadeu Marroko, CEO of the company, spoke about the sale of the business, his words are quoted by Reuters.

The manufacturer of Lucky Strike, Kent and Java cigarettes has received the opportunity to repurchase Russian assets, but due to Moscow's demand to make a decision within two years, BAT is unlikely to use it, the head of the company added.

"We had some revenue... but in general, it should not be overlooked that it was far from the real value of the business, given the circumstances in which the deal was concluded," Morocco explained.

In mid-November, the British American Tobacco (BAT) business in Russia came under the management of BFI Holding from the United Arab Emirates (UAE). The Arab company owned by BAT's top management received divisions of BAT-SPb JSC and MUMT JSC, which produced Kent, Java, Dunhill, Lucky Strike and Rothmans cigarettes, as well as glo tobacco heating devices and neo sticks. After the sale is completed, the company will operate under the name ITMS Group.