The Yale School of Management has been compiling a list of companies that have announced their withdrawal from Russia. As of March 31, 2022, almost 500 companies have announced their withdrawal. https://som.yale.edu/story/2022/almost-500-companies-have-withdrawn-russia-some-remain The obvious and immediate impact to these companies is the loss of revenue. But the other impact facing these companies are the potential losses from investments held in Russia, such as buildings and equipment, and the purchased interests in Russian companies. These losses may manifest in two ways. First, are losses as a result of divestitures of the companies and/or assets held in Russia. Second, although the companies may choose to hold these assets, the sanctions will likely deteriorate their value, requiring a write-down of the assets, businesses acquired and related goodwill. An example of the two-fold impact on companies is MCDonald’s. McDonald’s has reported that the Russian shutdown will cost the company approximately $50 million a month, or 5 cents to 6 cents per share. But the other issue for McDonald’s are the roughly 850 locations in Russia, the majority of which are owned by the company. Will McDonald’s sell these locations at a loss or be required to take an impairment charge?