European companies suffer €100bn hit from Russia operations
Financial Times
Europe's biggest companies reported a combined €100 billion loss from leaving Russia, report says
From February last year, companies have been pulling out their operations en-masse from the state in response to pressure from investors and consumers.
- The FT's survey of 600 firms' financial reports showed that 176 of these have faced balance-sheet losses as a result of the sale, closure, or reduction in Russian business.
- Three companies – BP, Shell and TotalEnergies – faced penalties of €40.6 billion.
- But the losses were more than covered thanks to higher energy prices which delivered bumper profits.
Not all companies decided to cut ties.
Updated By: Jeffrey Sonnenfeld and Yale Research Team: Meena Ambati, Adam Arcichowski, Wiktor Babinski, Will Berkley, Ahaan Bhansali, Yash Bhansali, Forrest Michael Bomann, Michal Boron, Tristan Brigham, Jesse Bross, Adnan Bseisu, Katie Burke, Lauren Cho, Cara Chong, Adriana Coleska, Maia Cook, Cam Coyle, Khulan Erdenedalai, Paola Flores Sanchez, Jake Seymour Garza, Kevin Grold, Tamara Gruslova, Hunter Harmon, Patrik Haverinen, Georgia Hirsty, Warner Hoshide, Daniel Jensen, Aditya Kabra, Nolan Kaputa, Mateusz Kasprowicz, Jay Kauffin, Sahana Kaur, Yuto Kida, Ava Leipzig, Victoria Liando, Cate Littlefield, Kasey Maguire, Marek Malinowski, Maksimas Milta, Rémi Moët-Buonaparte, Atin Narain, Christophe Navarre, Marina Negroponte, Camillo Padulli, Jeremy Perkins, Katya Pinchuk, Yevheniia Podurets, Aranyo Ray, Dorothea Robertson, Nick Shcherban, Franek Sokolowski, Andrew Sonneborn, David Sun, Christopher Sylvester, Steven Tian, Maria Trybus, Umid Usmanov, Ryan Vakil, Daria Valska, Bryson Wiese, Chris Wright, Michal Wyrebkowski, Nicole Xing, Lara Yellin, Steven Zaslavsky, Nick Zeffiro, and Grace Zhang.
Last Updated:
August 7, 2023
How We Do It: We have a team of experts with backgrounds in financial analysis, economics, accounting, strategy, governance, geopolitics, and Eurasian affairs with collective fluency in ten languages including Russian, Ukrainian, German, French, Italian, Spanish, Chinese, Hindi, Polish and English, compiling this unique dataset using both public sources such as government regulatory filings, tax documents, company statements, financial analyst reports, Bloomberg, FactSet, MSCI, S&P Capital IQ, Thomson Reuters and business media from 166 countries; as well as non-public sources, including a global wiki-style network of 150+ company insiders, whistleblowers and executive contacts.
Please click this link to see a simplified version of our list on the Yale website.
- According to an ongoing Yale study, just over half of the 1,000 companies that pledged to leave Russia have managed to make a clean break with the country.
- The tracker was last updated August 7.
After the Kremlin's seizure of Danone and Carlsberg's assets last month, experts fear that President Vladimir Putin could make it even more difficult for companies to exit Russia. The state is in the process of approving a new rule that puts the Kremlin first in line to seize the shares of strategic companies whose shareholders exit the country.
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