FT: European companies present in Russia lost over €100 billion after war full-scale started

Major European companies present on the Russian market suffered at least €100 billion in direct losses from their operations in Russia after the start of the full-scale invasion of Ukraine, as per the Financial Times.

A survey of 600 annual reports and 2023 financial statements shows that 176 companies have recorded asset impairments, foreign exchange-related charges and other one-off expenses as a result of the sale, closure or reduction of Russian businesses.

The heaviest costs of withdrawal were suffered by energy companies, such as BP, Shell и TotalEnergies, who lost €40.6 billion. The losses were far outweighed by higher oil and gas prices, however.

Utilities took a direct hit of €14.7bn, while industrial companies, including carmakers, have suffered a €13.6bn blow. Financial companies including banks, insurers and investment firms, have recorded €17.5bn in writedowns and other charges, FT reports.