In the 1930s, US General Smedley Butler identified the vicious nature of war when he wrote that profits are measured in dollars and losses in lives.
For western companies in Russia the costs are measured in currency. Société Générale, Imperial Tobacco and Domino’s Pizza, whose franchisee DP Eurasia recently filed for bankruptcy in Russia, all took large losses, when they left the country. SocGen alone recorded a €3.1bn loss. Danone and Carlsberg had no choice. The Kremlin seized their assets.
So far, these companies are the minority. Many western companies with businesses in Russia remain, despite pressure from shareholders and customers to leave.
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