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 spop, as well as highlighting the sudden loss of Western expertise from Russia’s economy.
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The corporate exodus from Russia since February 2022 has cost foreign companies more than $107 bln in writedowns and lost revenue, Reuters reported citing an analysis of company filings and statements showed.
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"Companies still aiming to exit Russia will likely face further difficulties and have to accept greater writedowns and losses," Reuters quoted Ian Massey, Head of Corporate Intelligence, EMEA, at global risk consultancy S-RM, as saying.
About 1,000 companies exited the Russian market over the past two years, the agency said, citing a report by Yale School of Management. Meanwhile, hundreds of companies including French retailer Auchan and Italian clothing group Benetton are still operating or have put business on hold. Many producers of everyday staples and consumer goods have refrained from entirely leaving Russia, arguing that everyday people in Russia rely on their products, Reuters said.