International companies have lost nearly $60 billion as result of exiting or reducing operations in Russia, The Wall Street Journal reported Friday.
Nearly 1,000 Western businesses have pledged to stop or curtail operations in Russia after President Vladimir Putin’s unprovoked invasion of Ukraine, Yale researchers found.
Those companies have lost more than $59 billion, WSJ reported Friday.
WSJ added that more financial pain was expected as sanctions hit the Russian economy and sales and shutdowns continue, according to a review of public statements and securities filings.
Companies are reassessing the reported value of their Russian operations, WSJ reported. Businesses under U.S. and international reporting standards are required to take impairment charges (write-offs) when the value of an asset declines.
“This round of impairments is not the end of it,” Carla Nunes, a managing director at the risk-consulting firm Kroll LLC, told WSJ. “As the crisis continues, we could see more financial fallout, including indirect impact from the conflict.”
Read Newsmax: Business Losses From Russia Near $60 Billion | Newsmax.com
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