Japan Tobacco International subsidiary JTI will suspend all new investments and marketing activities in Russia, as well as the launch of new products, the tobacco giant said in a press release.

"The challenges of operating in Russia at this time are unprecedented and JTI needs some time to assess the long-term implications of the situation which all large international investors in Russia are currently facing. Unless the operating environment and geopolitical situation improve significantly, JTI cannot exclude the possibility of a suspension of its manufacturing operations in the country," it said.

Russia is one of JTI's largest markets. JTI employs close to 4,000 people in the country.

"JTI remains committed to its workforce and all employees will be retained for the foreseeable future," the company said.

JTI has almost a 40% share of the Russian tobacco market. Its Russia portfolio is Winston, LD, Mevius, Camel, Sobranie and Russian brands Donskoy Tabak, Kiss, Play, Peter I, Troika and others. It also sells Logic Compact e-cigarettes and Ploom heated tobacco products.

JTI sites in Russia are Petro in St. Petersburg, Donskoy Tabak in Rostov-on-Don, TI Yelets in the Lipetsk region, Cres Neva in the Leningrad region and Pereslavl Tabak in Yaroslavl region.

Philip Morris International Inc. (PMI) is suspending planned investments in Russia, including new product launches, investments in innovation, as well as commercial and manufacturing activities, the tobacco concern said in a statement.

British American Tobacco has also said it is halting investments.

Imperial Brands has suspended business in Russia.