By Rhod Mackenzie
The direct losses of European companies associated with activities in the Russian Federation have amounted to at least € 100 billion since the beginning of the Russian-Ukrainian conflict, the Financial Times calculated . Enterprises of the oil and gas sector suffered the greatest losses. Companies from the UK, Germany and France lost the most money.
The business newspaper analyzed the reporting of 600 European companies. Of these, 176 faced asset impairments, “exchange-related costs”, and costs related to the sale, closure or downsizing of their business. The newspaper's analysis does not take into account indirect losses, such as the increased costsof energy or other products. According to the Kyiv School of Economics, half of the 1,900 firms owned by European companies continue to operate in Russia.
Which industries have been hit the hardest:
Oil and gas industry - just three groups alone BP, Shell and TotalEnergies suffered losses of around €40.6 billion;
The financial industry, including banks, insurance and investment companies - €17.5 billion;
Utility industry — €14.7 billion;
Other industries, including automotive - € 13.6 billion
Looking at the information from the Financial Times, a tBritish companies were the most affected, losing a total of over €30 billion. Germany and France were in second and third places, losing more than €20 billion. The rest of the top ten were made up Italy, Ireland, Denmark, Finland, Belgium, Switzerland and the Netherlands.