--- title: Backing out of Russia is costing oil companies billions - The Hustle description: Some of oil’s biggest players are paying the price for backing out of Russia. image: https://hs-sbup.thehustle.co/hubfs/The%20Hustle%20News/Assets/GIFs/1107882982-HS-News-Brief_2022-05-08T230902.998Z.webp --- # Backing out of Russia is costing oil companies billions ![Rob Litterst](https://thehustle.co/wp-content/uploads/2023/01/Rob-Litterst-pic.png?width=48&height=48&name=Rob-Litterst-pic.png) [Rob Litterst](https://hs-sbup.thehustle.co/author/rob-litterst) [Rob Litterst Twitter profile ](https://twitter.com/robbylit) Published: May 09, 2022 Updated: October 11, 2023 For some corporations, leaving Russia isn’t easy — take McDonald’s, which is losing [$50m/mo.](https://www.cnbc.com/2022/03/09/mcdonalds-russian-shutdown-will-cost-fast-food-chain-50-million-a-month.html) by shutting down its Russian restaurants. ![Backing out of Russia is costing oil companies billions](https://hs-sbup.thehustle.co/hs-fs/hubfs/The%20Hustle%20News/Assets/GIFs/1107882982-HS-News-Brief_2022-05-08T230902.998Z.webp?width=595&height=400&name=1107882982-HS-News-Brief_2022-05-08T230902.998Z.webp) But oil companies are making Mickey D’s losses look like child’s play: 4 of petroleum’s biggest players have [lost a collective](https://www.wsj.com/articles/bp-to-take-25-5-billion-hit-from-russia-exit-11651559671?mod=hp_lead_pos6) **~$38B** by shutting down Russian operations, per *WSJ*. #### **Among the group…** … BP was hit the hardest, taking a **$25.5B** accounting charge in Q1. Shell, TotalEnergies, and Exxon have each taken multi-billion dollar charges of their own. But it’s not all doom and gloom in the world of petrol. With the US national average for a gallon of regular gas up ~46% YoY, those same oil companies are swimming in cash. **Case in point:** BP’s stock is up 5% since taking the loss. 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