During the year of the full-scale invasion, European companies lost at least €100 billion from their operations in Russia

European companies have lost at least €100 billion from their operations in Russia.

The Financial Times reported this.

The Financial Times analysed 600 financial reports of European companies operating in Russia. The analysts recorded reports from 176 companies on asset impairment, foreign exchange-related charges, and other one-off expenses for the sale, closure, or reduction of Russian businesses.

According to analysts, the best strategy for companies was to leave the Russian market. The sooner companies left, the lower their costs were.

"Even if a company lost a lot of money leaving Russia, those who stay risk much greater losses," said Nabi Abdullaev, partner at strategic consultancy Control Risks.

Moscow's decision to take control of the Russian businesses of gas importers Fortum and Uniper, as well as the takeover of Danone and Carlsberg, signal such risks.

European oil and gas groups have suffered the highest expenses from the sale of stakes or closure of Russian enterprises.

Three companies — BP, Shell and TotalEnergies — reported total charges of €40.6 billion.

At the same time, high oil and gas prices helped these groups to make "bumper aggregate profits" of about €95 billion last year.

According to journalists, utilities suffered losses of €14.7 billion, while industrial companies, including carmakers, lost €13.6 billion. Financial companies, along with banks, insurers, and investment firms, reported €17.5 billion in writedowns and other charges.