British companies suffered the most losses from their activities in Russia, losing more than 30 billion euros.
European companies have suffered at least 100 billion euros of direct damage from their activities in Russia since the start of the war. It was reported by the Financial Times.
An analysis of 600 European groups’ annual reports and financial reports for 2023 shows that 176 companies recorded asset impairment, currency exchange costs and other one-time losses as a result of the sale , closing or reducing the Russian business.
The total figure does not include the indirect macroeconomic effects of the war, such as the high cost of energy and commodities. The war also brought profits to oil and gas groups and defense companies.
Oil and gas groups suffered the biggest write-downs and costs, with just three companies – BP, Shell and TotalEnergies – reporting a combined loss of 40.6 billion euros. The losses were largely offset by higher oil and gas prices, helping these groups post an all-time combined profit of around 95 billion euros last year. The war supported the action of defense companies.
Financial companies, including banks, insurance companies and investment companies, recorded €17.5 billion in write-downs and other costs.
Utility companies suffered direct losses of 14.7 billion euros, while industrial companies, including car manufacturers, suffered 13.6 billion euros.
British companies reportedly suffered the most losses, losing more than 30 billion euros.
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Remember that all Victoria’s Secret stores are closed in Russia.
It has also been reported that Burger King will leave the Russian market.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.