European companies lost at least 100 billion euros on the Russian market

(Patria) - Direct losses of European companies on the Russian market amounted to at least 100 billion euros following the invasion of Ukraine, reported Russian Tass, citing The Financial Times (FT).

„A survey of annual reports of 600 European groups and financial reports for 2023
shows that 176 companies recorded asset impairment, foreign exchange losses, and other one-off costs as a result of selling, closing, or reducing Russian operations“, FT writes, Tass reports.

„The total figure does not include indirect macroeconomic consequences of the war, such as higher energy and commodity costs“, it is added.

"The largest withdrawal costs are concentrated in a few exposed sectors. Those with the largest write-downs and costs are oil and gas groups, where just three companies - BP, Shell, and TotalEnergies - reported combined costs of 40.6 billion euros“, the newspaper writes, adding that the losses were outweighed by huge overall profits due to rising oil and gas prices. Losses of industrial companies, including car manufacturers, amounted to 13.6 billion euros.

„Financial companies, including banks, insurers, and investment firms, recorded
17.5 billion euros in write-downs and other costs“, FT stated according to Tass.