Foreign firms' losses from exiting Russian market exceed $107 bln — Reuters

  LONDON: The corporate exodus from Russia since February 2022 has cost foreign companies more than $107 bln in writedowns and lost revenue,...

 


LONDON: 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.

"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" after the start of Moscow’s special military operation in Ukraine in February 2022, the agency said.

"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.


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Local Glob: Foreign firms' losses from exiting Russian market exceed $107 bln — Reuters
Foreign firms' losses from exiting Russian market exceed $107 bln — Reuters
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