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Billion Dollar Losses: Top 7 Companies That Lost the Most Money from Leaving Russia

It's time to collect stones: in Western companies it's time for financial reporting.

It’s time to collect stones: in Western companies it’s time for financial reporting.

A photo: Ivan MAKEEV

It’s time to collect stones: in Western companies it’s time for financial reporting. And from this reporting it becomes clear who and how much has lost from leaving Russia. Losses, as it turns out, are gigantic – for some they amount to billions of dollars. The most serious losses – at oil and gas giants. There is also a huge shortage of automakers, banks, clothing sellers. We analyzed the reports companies (data as of July 28) and identified the not-so-great seven companies that lost the most.

1.British Petroleum, UK

Losses: $25.5 billion

What they owned in the Russian Federation:

19.75% of the shares of Rosneft, 20% – Taas-Yuryakh Neftegazodobycha, 49% – Yermak Neftegaz, 49% – Kharampurneftegaz.

2.Shell, UK

Losses: from $4 to $5 billion (data for the first quarter only)

What they owned in the Russian Federation:

27.5% of the shares of the Sakhalin-2 project (liquefied gas), 50% – in Salym Petroleum Development (oil fields in Siberia). Besides, company sold its network of 370 gas stations. Earlier, Shell management announced that it was ending its participation in the Nord Stream 2 gas pipeline project.

3. Societe Generale, France

Losses: $3.3 billion

What they owned in the Russian Federation:

The main Russian asset of the French financial group Societe Generale is Rosbank. It is included in the Central Bank’s list of systemically important credit institutions. Serves about 4 million customers. In the spring, Russian billionaire Vladimir Potanin bought Rosbank from the French, retaining all branches and staff.

4.Renault Group, France

Losses: $2.3 billion

What they owned in the Russian Federation:

68% shares concern AvtoVAZ and 100% of the shares of CJSC Renault Russia (automobile plant in Moscow). The French transferred the share in AvtoVAZ to the Central Research Automobile and Automotive Institute with the right to buy back in 5-6 years. And the Moscow Automobile Plant was presented to the city authorities.

5.Carlsberg Group, Denmark

Losses: $1.4 billion

What did she own in the Russian Federation:

The Danes own the Baltika brewing company (plants in Voronezh, Novosibirsk, Rostov-on-Don, Samara, St. Petersburg, Tula, Khabarovsk, Yaroslavl). The total staff is 8.4 thousand employees. The company produces 55 beer brands: Baltika, Tuborg, Zatecky Gus, Holsten, etc. Now Carlsberg is in the process of selling the Russian business.

6.McDonald’s, USA

Losses: $1.3 billion

What they owned in Russia: Almost 850 McDonald’s restaurants countrywide. At the end of spring, the network was bought by Siberian businessman Alexander Govor, now it operates under the name “Delicious and point”.

7.British American Tobacco, UK

Losses: $1.2 billion

What they owned in the Russian Federation:

The BAT group is the second largest tobacco company in the world. Produced in Russia cigarettes Kent, Rothmans, Vogue, Lucky Strike, Java and others. The main production is a factory in St. Petersburg. It is currently in the process of transferring Russian assets.

MEANWHILE

The Swedish clothing retailer H&M, which suspended operations in our country in March and recently announced its final departure, looking for a buyer on their Russian assets. This is a distribution center (57.7 thousand square meters), lease rights for 170 stores in 65 cities and stocks of goods for $210 million.

BY THE WAY

Lose but don’t leave

Some companies are still officially operating in Russia. But, like many Western colleagues, they are seriously thinking about leaving. And analysts are already counting their possible losses.

Volvo, Sweden

Possible losses: $423 million

According to Russian and foreign media, the Volvo Trucks truck plant in Kaluga may close in September. Last year, 5,692 cars were produced here. The staff of the enterprise is about 1000 people. Dismiss employees – again, according to the press – they want to with decent compensation. Those who have worked at the enterprise for 5 or more years will be paid 10 salaries, the rest – 8 each.

Inditex, Spain

Possible losses: $300 million

The Inditex group includes clothing brands Zara, Pull&Bear, Massimo Dutti, Bershka, Stradivarius and Oysho. There are 512 stores of the group in Russia, among which the main ones are Zara and Pull&Bear (86 each). The Russian market accounts for about 8.5% of the company’s total profit. The staff is about 10 thousand people.

Uniqlo, Japan

Possible losses: $170 million

Uniqlo clothing retailers have long refused to close their stores in Russia.

– Clothes are a vital necessity. The people of Russia have the same right to life as we do,” Tadashi Yanai, head of Fast Retailing Co., said in early spring. (owns the Uniqlo trademark).

However, after being bullied on social media on March 21, the Japanese closed all 43 of their Russian stores. And while they are silent about their future in our country.

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