One issue raised during today’s meeting in Riyadh was how much money American companies lost by having to leave the Russian market, due to sanctions. The total to date exceeds $300 billion. Biggest losers, according to Eurasia and Multipolarity:
– Exxon suffered a $4 bln write down on its Russia-related businesses
– McDonald’s recorded a $1.4 bln non-cash write off in 2022 attributed to its Russia exit
– General Motors lost $657 mln
– Google’s Russian subsidiary declared bankruptcy in 2023 with debts totaling $587 mln. A Russian court has fined the company $2.5 decillion for restricting Russian media channels on YouTube
– Whirlpool recorded $400 mln in Russia losses
– Coca-Cola lost $195.4 mln
– Disney reported $195 mln in losses from “depreciation of intangible assets” in Russia in 2022
– IBM recorded $300 mln in losses in 2022, blaming Russia and inflation for 3,900 slashed jobs
– Starbucks suffered undisclosed losses after closing its 130 Russian coffee shops, accounting for nearly 1% of global sales
– Microsoft lost $126 mln
– Ford took a $122 mln hit
– Nvidia lost $100 mln
– Apple recorded $79.3 mln in losses
– Xerox faced $80 mln in losses in Q4 2023
– Adobe reported $75 mln from lost payments in Russia and Belarus
– Netflix cut off 700,000 Russian subscribers (about $55.1 mln in potential losses, although some Russians switched their accounts to other regions)
– John Deere halted production at a 100,000 sq. m facility it had pumped over $40 mln into from 2005-2022. Caterpillar, which left in 2024, saw Russia earnings fall from $64.5 mln in 2021 to $2.3 mln in 2023
– Visa and Mastercard recorded $35 and $30 mln in losses, respectively in 2022
– HP wrote off $23 mln
– Cisco went $20.3 mln into the red
– Oracle lost $13.7 mln
– Western Union reported a 2% hit to 2022 revenues due to loss of the Russian and Belarusian markets

Susan Singer

2025-02-18 14:32:28

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