Many companies with important high-tech production facilities left Russia, indicating serious damage to the economy.
Western companies wrote off more than $107 billion after leaving the Russian market because of its aggression in Ukraine. Reuters reported this on Thursday, March 28, following an analysis of the company’s reports and documents.
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It indicates that the cost of damage has increased by a third since the last count in August 2023.
The agency remembers that Moscow requires a discount of at least 50% on the sale of foreign assets and continues to tighten exit requirements, often agreeing to a nominal commission of only one ruble.
This year, asset sales to Shell, HSBC, Polymetal International and Yandex NV were announced for a total of almost $10 billion and with discounts of up to 90%. Also last week, Danone said it had received regulatory approval to sell its Russian assets, suffering a total loss of $1.3 billion.
In total, almost 1,000 companies left the Russian market. At the same time, hundreds of other companies continue to operate in Russia, especially Auchan, Benetton, Mondelez International, Nestle, PepsiCo, Reckitt, Unilever and others.
“As Russia’s aggression continues amid weak Western military aid and Western sanctions regimes increase in detail, companies still seeking to leave Russia will likely face more difficulties and be forced to accept large write-downs and losses,” said head of consultancy Global Risk Company S-RM Ian Massey.
In his opinion, no Western assets in Russia can be considered safe or protected while the Kremlin continues to wage war on Ukraine.
At the same time, many companies with important high-tech production facilities left Russia.
“This certainly indicates serious economic damage,” said Zucker, head of the national securities practice of the American law firm Dechert.
It was previously reported that China and India have recently been reducing trade with Russia due to sanctions.
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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.