Major European companies present on the Russian market suffered at least €100 billion in direct losses from their operations in Russia after the start of the full-scale invasion of Ukraine, as per the Financial Times.
A survey of 600 annual reports and 2023 financial statements shows that 176 companies have recorded asset impairments, foreign exchange-related charges and other one-off expenses as a result of the sale, closure or reduction of Russian businesses.
The heaviest costs of withdrawal were suffered by energy companies, such as BP, Shell и TotalEnergies, who lost €40.6 billion. The losses were far outweighed by higher oil and gas prices, however.
Utilities took a direct hit of €14.7bn, while industrial companies, including carmakers, have suffered a €13.6bn blow. Financial companies including banks, insurers and investment firms, have recorded €17.5bn in writedowns and other charges, FT reports.
British companies suffered the worst losses, accounting for €30 billion, followed by German and French ones, who lost €20 billion each.
The Kyiv School of Economics reports that around 260 companies have completely stopped operations in Russia after the start of the full-scale invasion, while 700 more companies have suspended their activities in the country.
