Like many western multinationals, the global home furnishings giant Ikea was investing heavily in Russia when the country’s invasion of Ukraine triggered the severing of business relations and sent inflation shockwaves throughout the world. Ikea’s retail arm, Ingka Group, not only owned and operated stores in Russia, but also invested in the wider commercial property and renewable energy sectors in the country. And, as revealed by The Currency last year, Ingka Group’s Dublin-based financial team manages €30 billion in treasury reserves through a network of Irish companies. New financial information from these companies gives an indication of the shock they…

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