Foreign firms' losses from exiting Russia top $107 billion: Reuters

Համաշխարհային Մամուլ 28 Մարտ, 2024 13:50

The corporate exodus from Russia since its 2022 invasion of Ukraine has cost foreign companies more than $107 billion in writedowns and lost revenue, a Reuters analysis of company filings and statements showed.

The volume of losses has increased by one third since the last tally in August, 2023, underscoring the scale of the financial hit to the corporate world from Moscow’s invasion, as well as highlighting the sudden loss of Western expertise from Russia's economy, Reuters adds.

"Companies still aiming to exit Russia will likely face further difficulties and have to accept greater writedowns and losses," said Ian Massey, Head of Corporate Intelligence, EMEA, at global risk consultancy S-RM.

About 1,000 companies have exited, although hundreds of companies including French retailer Auchan and Benetton are still operating or have put business on hold there, Reuters says citing an analysis by Yale School of Management.

Meanwhile, many producers of everyday staples and consumer goods have refrained from entirely leaving Russia, arguing that everyday people in Russia rely on their products.