Wednesday, May 29, 2024

Latest Posts

FT: Russia blocked $18 billion earned by Western companies

Russian authorities have blocked around $18 billion earned by Western companies in Russia in 2022, citing the Financial Times. Novaya Gazeta reports. Europe.

According to the Kiev School of Economics (where the information was obtained), American companies made the largest profits – $4.9 billion. German companies earned 2.4 billion, Austrians 1.9 billion and Swiss 1 billion.

As the KSE notes, the Austrian bank Raiffeisen made the largest profit – $2 billion. American companies Philip Morris and PepsiCo earned $775 million and $718 million, respectively.

The FT notes that Western corporate earnings have been blocked in 2022 after a ban on paying dividends to companies from “hostile” countries was introduced. However, some companies have managed to withdraw funds from Russia: the Russian subsidiary of the American group Mars paid 56.1% of dividends to the parent company, “offsetting them against its debts”.

The newspaper’s source, who was involved in deals to leave Russia, said Russian authorities use the distribution of dividends as an “encouragement for good behavior” – the willingness of companies to stay in Russia.

Source: delfi

Latest Posts

Don't Miss

Stay in touch

To be updated with all the latest news, offers and special announcements.