Western sanctions have cost global corporations $240 billion

Losses from foreign companies that left Russia are estimated.

A study shows that Western sanctions have cost companies around the world up to $240 billion so far.

Since the end of February, foreign companies that have cut back on their work in Russia or left the country altogether have lost between $200 billion and $240 billion, the RBC Daily reported on Friday, citing a report from Moscow's Center for Strategic Research (CSR).

The CSR estimated that firms that left the market lost between $70 and $90 billion. According to reports, companies in the US, UK, and Germany have been hit the hardest.

As of the beginning of September, the report said that 34% of the "large" foreign companies doing business in Russia had cut back on their activities in the country, 15% had decided to leave by selling their Russian business to a new owner, and 7% had announced that they were leaving the country completely without selling their business.

The CSR says that there are 600 "large" foreign companies with revenue of more than 5.7 billion rubles ($91 million). It said that about 44% of these businesses are still running normally in Russia.

The countries with the most businesses leaving Russia were Finland (80% of Finnish businesses left), Denmark (73%), and the UK (35%). Businesses from Austria, Japan, and Switzerland made decisions that were "more flexible and practical." The report also said that, despite the harsh words of the Russian government, most Polish businesses have stayed in the country.

Many companies gave "subjective" reasons for leaving, like trying to protect their reputations from damage. Others gave "objective" reasons, such as a ban on foreign trade transactions, changes in the exchange rate, problems with logistics, and trouble carrying out transactions.

The report also said that foreign companies in the oil and gas industries, as well as those in banking, the auto industry, and the food industry, were hit the hardest.

CSR is a public policy think tank in Russia that helps come up with and carry out the country's long-term plan for economic growth.