Foreign firms' losses from exiting Russia top $107bn

The volume of losses have increased by one third since the last tally in August last year, underscoring the scale of the financial hit to the corporate world from Moscow's invasion, as well as highlighting the sudden loss of Western expertise from Russia's economy.

Moscow demands discounts of at least 50% on foreign asset sales and has steadily tightened exit requirements, often accepting nominal fees as little as one rouble. About 1,000 companies have exited, although hundreds of companies including French retailer Auchan and Benetton are still operating or have put business on hold there, according to analysis by Yale School of Management.

Moscow has already taken temporary control of assets owned by several Western companies including Fortum, Carlsberg and Uniper. It said EU nations held $223.3 billion of the assets, of which $98.3 billion was formally held by Cyprus, $50.1 billion by the Netherlands and $17.3 billion by Germany.But Moscow's hardline approach inflicts damage on Russia, too.

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