Mondi plc has announced that it has entered into an agreement to sell its last remaining facility in Russia, Joint Stock Company Mondi Syktyvkar, to Sezar Invest LLC for a total cash consideration of RUB 80 billion (approximately £775 million). The sale has been approved by the Russian Federations Federal Anti-Monopoly Service and Government Sub-Commission for the Control of Foreign Investments. The cash consideration will be paid in six monthly installments, with the first payment expected by the end of September 2023. Once all installments are received, the net proceeds from the sale will be distributed to Mondi shareholders. The sale is not conditional on the approval of Mondi's shareholders. Sezar Invest is a subsidiary of Moscow-based real estate development company Sezar Group. Mondi Syktyvkar is a leading provider of uncoated fine paper and containerboard to the domestic Russian market. It reported revenues of £1,085 million, EBITDA of £481 million, and profit before tax of £453 million for the year ended December 31, 2022.