The economic and commercial boycott of Russia due to the military operations in Ukraine, It may cause losses to the Russian economy
However, it has inflicted enormous damage on the companies that have announced their withdrawal from Russia as well.
The withdrawal of only 4 Western companies caused losses of more than 37 billion dollars, According to companies withdrawing from the Russian economy, Especially from the oil and gas sectors. However, some companies Especially those working in the oil and gas field. Russia managed to make up for some of the losses. Because of the rise in global oil prices.
Perhaps the company most affected by the suspension or withdrawal of its activities in Russia is BP. Which announced expected losses of up to 25 billion dollars.
The second most affected company by the economic boycott of Russia is Shell, Its losses were estimated at around $5 billion.
The company said in a statement, Following its recent announcement of its gradual withdrawal from Russia, The shortfall resulting from depreciation of assets and additional fines related to Russian activities is expected to amount to 4-5 billion dollars, In the first quarter of the year, As reported by AFP.
The asset devaluation comes after Shell announced in late February that it would sell its shares in all joint ventures with the Russian “Gazprom” group in response to the Russian military operation in Ukraine.
Shell Group reported, listed in London, At that time, the value of these projects was estimated at 3 billion dollars.
for his part, Societe Generale Bank announced, The second largest French bank, For expected losses of about $3.3 billion, As a result of the sale of his unit in Russia “Rosbank”, Noting that he will write off about 2 billion euros from the net book value of the activities from which he will exit, In addition to an exceptional non-cash item of 1.1 billion euros.
for his part, Societe Generale Bank announced, The second largest French bank, For expected losses of about $3.3 billion, As a result of the sale of his unit in Russia “Rosbank”, Noting that he will write off about 2 billion euros from the net book value of the activities from which he will exit, In addition to an exceptional non-cash item of 1.1 billion euros.
As for the American company, ExxonMobil, it has admitted that the cost of exiting Russia will be prohibitive. Noting that its expected loss as a result of its exit from a drilling project in Russia that is partly owned by the Russian government, It could reach $4 billion.
The company said that it is continuing its attempts to stop its operations in the Sakhalin 1 drilling project. Because of the Russian military operations in Ukraine, and the company pointed out that the terms of exit from the project may force it to write off its investments in the project with a value of 4 billion dollars.
