The FT says the multinational tobacco company Philip Morris International says it would rather keep its business in Russia than sell it on stringent Kremlin terms. The paper says it highlights the challenges for companies trying to leave the country without taking a huge financial hit.

The front page pictures an image of the late musician David Bowie – a collection of his handwritten lyrics, letters, sheet music, costumes, photography, music videos, album artwork and awards have been gifted to the Victoria and Albert Museum.