Foreign companies that left Russia lost more than $107 billion in penalties and lost profits. The agency reported this on March 28 Reuterswhich prepared the corresponding report.
“The volume of losses has increased by a third since the last count in August last year, highlighting the scale of the financial blow to the corporate world,” the journalists said in the material.
The head of the corporate intelligence department of the global risk consulting company S-RM, Ian Massey, told the publication that firms will continue to face difficulties amid expanding anti-Russian sanctions and penalties from the Russian Federation.
According to him, foreign companies have to sell their assets in the Russian Federation at large discounts in order to be able to save at least something. In addition, Moscow, the expert claims, is increasing pressure on companies that are trying to leave the Russian market, complicating it at the legislative level. For example, the French dairy producer Danone will lose $1.3 billion after selling its stake in Russia, Massey notes.
At the same time, the agency cites a study by the Yale School of Management, according to the results of which hundreds of foreign companies continue to operate in Russia. It is noted that some producers, especially of essential goods, refused to leave the Russian Federation, since their consumers are “ordinary people” who rely on their products.
In addition, Massey indicated that Moscow is ready to take retaliatory steps if its assets in the West are frozen, which carries great risks for foreign firms and credit institutions.
Also on Thursday, Izvestia got acquainted with the HSE bulletin “Comments on the State and Business.” It says that at the beginning of this year, economic activity in the Russian Federation exceeded the level before the start of the special operation in Ukraine. The restoration of industrial output is primarily due to the structural restructuring of the economy and the expansion of the military-industrial complex, said Agvan Mikaelyan, a member of the board of directors of the FinExpertiza audit and consulting network.
In December, the American newspaper The New York Times reported that foreign companies that left the Russian market lost more than $103 billion. The publication noted that the Russian authorities dictated conditions for foreign businesses to leave the country's market, and as a result, the companies that left suffered enormous damage.
A number of foreign companies have suspended their activities in the Russian Federation since February 2022. The decisions were related, among other things, to Western sanctions imposed in response to Russia’s special military operation in the Donbass.
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