The economic fallout from Russia’s ongoing invasion of Ukraine has led to significant financial losses for international businesses, with the total amount now exceeding $170 billion, according to a recent report from the Kyiv School of Economics (KSE) Institute.
Since the onset of the conflict, more than 1,300 foreign companies have either scaled down or completely halted their operations in Russia. The majority of the financial losses, estimated at over $167 billion, stem from asset write-offs, with more than $57 billion tied to companies whose assets were seized by Russian authorities and transferred to local or state-run entities. These assets, originally valued at roughly $74 billion, were effectively nationalized by the Russian government. Furthermore, many companies were forced to pay substantial “exit taxes,” amounting to at least $3 billion, a mandatory fee imposed when selling assets, which saw a significant increase in 2023.
The United States, Germany, and the United Kingdom bear the brunt of these losses, with U.S. companies facing $46 billion in write-offs, Germany $44.5 billion, and the UK $35.1 billion. Other nations, including France, Austria, and Finland, have also seen substantial losses, totaling $12.1 billion, $6.7 billion, and $5.1 billion, respectively.
Among the hardest-hit firms are British Petroleum (BP), which faced a $25.5 billion loss from its withdrawal from Russian energy giant Rosneft, and Uniper, which saw its assets nationalized for $22 billion. Other notable losses include Fortum ($4.07 billion), ExxonMobil ($4 billion), Renault ($2.4 billion), and Société Générale, which was forced to sell its Russian business for $3.3 billion.
The study also highlights that Russia has employed a strategy of economic coercion, with at least 30 companies falling victim to forced asset seizures. These companies include prominent names such as Carlsberg, Danone, Fortum, Wintershall Dea, Uniper, and ExxonMobil.
As of early March 2025, the KSE Institute reports that 481 companies have fully exited the Russian market, while around 1,357 others have either scaled back their operations or are in the process of withdrawing.
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