UNITED KINGDOM (From news reports) -- British paper and packaging firm Mondi Plc said on Wednesday it would sell its Russian assets, the latest company to exit the country following Moscow's invasion of Ukraine.

Mondi said the net asset value of its Russian operations was 687 million euros ($724.9 million) as of Dec. 31 and that it has suspended all significant capital expenditure projects in the country.

"Having assessed all options for the group's interests in Russia and recognising its corporate values and stakeholder responsibilities, the board has decided to divest the group's Russian assets," Mondi said in a statement.

Mondi said there could not be any certainty on the timing and structure of any possible transaction, given that the sale process is "operationally and structurally complex and is being undertaken in an evolving political and regulatory environment".

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