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Exits from Russia by foreign firms lead to $107 billion in losses
World News
2024-03-28 | 08:56
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Exits from Russia by foreign firms lead to $107 billion in losses
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 have increased by one third since the last tally in August last year, 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.
"As Russia's invasion continues amid faltering Western military aid, and the granularity of Western sanctions regimes increases, 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.
President Vladimir Putin, fresh from securing re-election in a landslide victory widely condemned in the West as unfair and undemocratic, now has a renewed mandate to pursue further isolation from the West, including through additional asset seizures and political pressure, Massey added.
Moscow demands discounts of at least 50 percent on foreign asset sales and has steadily tightened exit requirements, often accepting nominal fees as little as one rouble.
So far this year, sales of assets owned by Shell, HSBC, Polymetal International, and Yandex NV, have been announced, totalling nearly $10 billion and at discounts as high as 90 percent. Last week, Danone said it received regulatory approvals to dispose of its Russian assets, taking a total loss of $1.3 billion.
About 1,000 companies have exited. Austrian brickmaker Wienerberger sold its Russian factories and exited the market, the RBC daily reported on Thursday.
But hundreds of companies including French retailer Auchan and Benetton are still operating or have put business on hold there, according to analysis by Yale School of Management.
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