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LONDON, Sept 7 Reuters British American Tobacco said on Thursday it would sell its Russian and Belarusian businesses to a consortium led by its Russian management team, ending an 18month long process.

The maker of Camel and Lucky Strike cigarettes committed to exit Russia, the world39;s fourthlargest cigarette market, in March 2022, following Moscow39;s invasion of Ukraine.

Western firms have flocked to leave the nation amid sanctions imposed on Moscow, but the Kremlin has retaliated by seizing some assets.

BAT, which controlled just under 25 of the Russian tobacco market, said it had now formally agreed to sell the business in compliance with local and international laws.

Upon completion, BAT will no longer have a presence in Russia or Belarus and will receive no financial gain from ongoing sales in these markets, it said in a statement, adding it expects the transaction to complete within the next month.

Following the sale, the businesses will be known as ITMS Group, BAT continued. The consortium will own the trademark for BAT brands, including both traditional tobacco products and alternatives like its Vuse vapes.

BAT had been in talks with its local distributor, SNS Group of Companies, and referred to discussions with a managementdistributor consortium at…