The media estimated the losses of European companies that left Russia at 100 billion euros

European companies that left Russia amid the start of a special operation in Ukraine have lost at least 100 billion euros. About it writes the Financial Times (FT), which analyzed the financial statements of 600 companies.

From these reports, 176 out of 600 groups recorded asset impairment, currency exchange costs, and other one-time expenses as a result of the sale, closure or reduction of Russian enterprises. The amount of losses announced by the FT does not include an increase in spending, for example, on goods and energy resources.

Oil and gas companies suffered the greatest losses. In particular, BP, Shell and Total Energies reported combined losses of 40.6 billion euros. At the same time, losses helped offset high oil and gas prices, with companies reporting €95bn in profit in 2022, the FT writes.

Financial firms, including banks, insurance and investment companies, reported €17.5 billion in spending, utilities €14.7 billion and industrial companies, including automakers, €13.6 billion.

Companies from the UK, Germany and France lost the most, the FT calculated. Among the companies that left the Russian market, the largest losses were incurred by BP ($25.5 billion, which is 23.3 billion euros at the exchange rate at the time of publication), Total Energies ($14.8 billion, or 13.48 billion euros), Uniper ( 5.7 billion euros), Fortum (5.3 billion euros), Shel ($4.1 billion, or 3.73 billion euros), Societe Generale (3.1 billion euros), OMV (2.5 billion euros) , Renault (2.3 billion euros), Volkswagen (2 billion euros) and Equinor (1 billion euros).

October 2022 RBC with reference to a study by the Center for Strategic Research (CSR) wrotethat the largest foreign companies (CSR classified 600 firms with revenue in Russia from 5.7 billion rubles as such) have lost from $200 billion to $240 billion since the end of February 2022. Experts estimated the losses of corporations that decided to leave Russia from $70 billion to $90 billion.

In early January, State Duma Speaker Vyacheslav Volodin declaredthat 75.9% of foreign companies remained in Russia. In his opinion, this speaks of the business’ faith in “good prospects for the development” of the Russian economy. Volodin also noted that foreign companies that have left the market “suffer billions of dollars in costs.”