The tobacco giant British American Tobacco (BAT) has officially announced that it has entered into an agreement to sell its Russian and Belarusian businesses.

According to the company's statement, the buyer is a consortium led by BAT's management in Russia, which will fully own both enterprises upon completion of the deal. After the agreement is finalized, these businesses will be known as the ITMS Group.

BAT expects to close the deal in October. The financial terms of the agreement have not been disclosed.

"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," the company stated.

BAT's portfolio includes cigarette brands such as Dunhill, Kent, Vogue, Rothmans, Pall Mall, Lucky Strike, as well as heated tobacco device brands like glo and neo sticks.