JAPAN TOBACCO SAYS ITS RUSSIAN BUSINESS CONTINUES OPERATING AT PRESENT, WITH THE IMPACT OF THE TEMPORARY MANAGEMENT UNDER REVIEW AS THE JT GROUP CONTINUES ASSESSING POTENTIAL FINANCIAL EFFECTS

Japan Tobacco has stated that its Russian business is currently still operating, while the impact of the temporary management arrangement there is under review and the JT Group is assessing potential financial effects. The development reflects the precarious position of Western and Japanese multinationals with Russian subsidiaries following the 2022 sanctions regime and subsequent state intervention in foreign-owned assets, a dynamic that typically transmits through country-risk premiums and asset-valuation write-down expectations rather than through trade flows. Exposure is concentrated in the company's own equity and credit, where investors will price uncertainty over the recoverability and consolidation treatment of Russian earnings, and in Russian domestic assets and the ruble, which reflect how far Moscow's temporary-management decrees are seen as signaling expropriation risk. Traders should watch for the group's next quarterly results and any formal impairment disclosure, which would quantify the financial effect the company is still assessing.

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