Major international companies that have suspended operations in Russia since the outbreak of war in Ukraine have collectively suffered losses of $103 billion (approximately €94.4 billion). This has been evident recently An investigation by the New York Times (NYT).

At the same time, the exodus of Western companies has proven very profitable for Moscow. Companies wishing to close their Russian branches were often forced to sell at very low prices. According to the NYT, President Putin has helped key Russian business tycoons make favorable deals, and some companies have been taken over directly by the state.

Among the victims was Dutch beer maker Heineken. Last spring, the company found a buyer for its Russian stake after a long period of international outrage over its operations in Russia. However, according to the NYT, the Russian government ignored this, and the shares then ended up in the hands of a Russian aerosol manufacturer for one euro.

The research also shows that the exit of companies was beneficial not only for Russian businessmen, but also for the state coffers. Putin imposed higher taxes on companies willing to sell their Russian shares and branches, adding at least $1.25 billion (about 1.14 billion euros) to public coffers, according to the NYT.

Eva Selderbeek