REUTERSGlobal companies have racked up more than $59 billion in losses from their Russian operations, with more financial pain to come as sanctions hit the economy and sales and shutdowns continue, according to a review of public statements and securities filings. Many are reassessing the reported value of those Russian businesses, as a weakening local economy and a lack of willing buyers render once-valuable assets worthless. Other businesses are assuming that they will realize no money from their Russian operations, even before they have finalized exit plans. The French energy giant TotalEnergies SE took a $4.1 billion charge in April on the value of its natural-gas reserves, citing the impact of Western sanctions targeting Russia. As sanctions weaken the Russian economy, businesses still operating there are reassessing their future earnings and booking losses.

Source: Wall Street Journal June 13, 2022 03:28 UTC