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US Companies Took $324 Billion Hit by Quitting Russia: Here's Who Lost Most

Russian officials responsible for the economic aspect of Tuesday's Ukraine peace-focused talks in Riyadh have provided their US counterparts a chart detailing some $324 billion in losses suffered by US corporations that quit the Russian market. Here's a breakdown by sector, and info on the major losses of individual companies.

Sectoral Losses:

$123 billion in IT and media

$94 billion in the consumer goods sector

$71 billion in finance

$26 billion in industry

$10 billion in energy

Source: Figures provided to Russian media by Russian Direct Investment Fund (RDIF) chief Kirill Dmitriev.

Biggest Losers?

Information compiled from publicly available reports and company statements over the past two-and-a-half years shows that:

Exxon suffered a $4 billion write down on its Russia-related businesses.

McDonald’s recorded a $1.4 billion non-cash write off in 2022 attributed to its Russia exit.

General Motors lost $657 million.

Google’s Russian subsidiary declared bankruptcy in 2023 with debts totaling $587 million. A Russian court has fined the company $2.5 undecillion rubles for restricting Russian media channels on YouTube.

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Whirlpool recorded $400 million in Russia-related losses.

Coca-Cola lost $195.4 million.

Disney reported $195 million in losses from “depreciation of intangible assets” in Russia in 2022.

IBM recorded $300 million 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 million.

Ford took a $122 million hit.

Nvidia lost $100 million.

Apple recorded $79.3 million in losses.

Xerox faced $80 million in losses in Q4 2023.

Adobe reported $75 million from lost payments in Russia and Belarus.

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Netflix cut off 700,000 Russian subscribers (about $55.1 million 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 million into from 2005-2022. Caterpillar, which left in 2024, saw Russia earnings fall from $64.5 million in 2021 to $2.3 million in 2023 before liquidation.

Visa and MasterCard recorded $35 and $30 million in losses, respectively in 2022.

HP wrote off $23 million.

Cisco went $20.3 million into the red.

Oracle lost $13.7 million.

Western Union reported a 2% hit to 2022 revenues due to loss of the Russian and Belarusian markets.