Visa disclosed the extent of its losses after leaving Russia

The international payment system Visa has published a quarterly report that reveals the scale of losses after leaving Russia. Several foreign media write about this with reference to the official version of the report.

According to the source, in the first quarter of 2022, the company grew and showed a profit of $3.6 billion, which is 21% higher than in the same period last year. As for Visa’s business in Russia, the profit from it was about 4% of the company’s total revenue for 2021 and early 2022.

After leaving the Russian Federation, Visa lost about $60 million. Of this, $35 million was a net loss in the form of general and administrative expenses, and the remaining $25 million was spent on supporting the company’s employees in Russia and Ukraine.

This is not all of Visa’s losses over the past three months: another $127 million was spent on shares and investments, and $40 million was spent on various assets.

Judging by this report, the withdrawal from Russia did not affect Visa’s business in a particularly dramatic way. By themselves, the losses amount to a decent amount, but on the scale of the company’s turnover, it is quite tolerable in order to afford to temporarily abandon it.