Report: Western firms leaving Russia lose more than $103 bln

MOSCOW, Dec 18 (PRIME) – The Western companies that announced plans to leave Russia after February 24, 2022 lost more than U.S. $103 billion, The New York Times reported on December 17.

"The Western companies that have announced departures have declared more than $103 billion in losses since the start of the war, according to a Times analysis of financial reports. Mr. (Vladimir) Putin (Russia's president) has squeezed companies for as much of that wealth as possible by dictating the terms of their departure," the newspaper reported.

According to the investigation, the losses were caused by "inexpensive" business sales to Russian players, at times under pressure and to state entities. At least five companies lost control over the operations of the Russian business.

"Previously undisclosed documents, financial statements and interviews with dozens of deal makers in Russia and across Europe — many of whom spoke on condition of anonymity for fear of retribution — show that Moscow now micromanages practically every exit. Companies must navigate an opaque system to win approval to sell," the article read.

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