Following the company’s announcement in December 2022 of the agreement to sell, it has now received all requisite approvals. Mondi has received net proceeds of €30.4m (£26m) from this disposal into its Austrian bank account.

Mondi stated: “The net proceeds from the sale of all our Russian assets will be distributed to shareholders as soon as reasonably practicable following receipt, once our exit from Russia has been completed.”

Mondi’s share price rose on the news on Monday (3 July) and subsequently climbed as high as 1,242p yesterday – an increase of around 3.5% on Friday’s close, but had settled down to 1,235.5p at the time of writing at lunchtime today.

The company’s proposed disposal of Mondi Syktyvkar, its most significant facility in Russia, is not connected with the disposal of the three packaging converting operations.

Last month the business said it was withdrawing from an agreement to sell Syktyvkar, together with two affiliated entities, to Augment Investments, owing to lack of progress in gaining the necessary approvals to complete this transaction.

It had agreed a deal to sell Syktyvkar to Augment Investments for RUB 95bn (£1.27bn at the exchange rate at the time; £831m today) in August 2022, after announcing in May 2022 that it would divest its Russian assets due to Russia's invasion of Ukraine.

Mondi’s board said it remains committed to divest Syktyvkar and continues to assess all alternative divestment options.