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22 Aug, 2022 12:15

German companies reveal cost of leaving Russia

Businesses recorded $10 billion in write-offs due to the withdrawal, Handelsblatt reports
German companies reveal cost of leaving Russia

German corporations have collectively written off €10 billion (just over $10 billion) as a result of their withdrawal from the Russian market amid Western sanctions, Handelsblatt newspaper reported on Monday.

Assets related to Russia or Belarus, including bills receivable and securities, have been written off the balance sheets as incapable of generating future income, the report noted.

It cited the case with German energy giant Uniper, which reported losses of over €12 billion in the first half of the year, mainly due to lower Russian gas supplies via the Nord Stream 1 gas pipeline, which forced the company to buy gas at higher prices elsewhere.

The losses also reportedly included €2.7 billion in impairments related to the cancelation of the Nord Stream 2 gas pipeline, which Uniper backed financially.

Uniper’s losses rank among the biggest in German corporate history, amid the unprecedented energy crisis in Europe.

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