Reuters reported on March 28 that the corporate exodus from Russia since its 2022 invasion of Ukraine has cost foreign companies more than 107 billion US dollars in writedowns and lost revenue.
"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 so-called “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.
