Two years ago, the Dublin companies handling the accumulated profits of Ikea stores around the world were reeling from the impact of the war in Ukraine. Soaring interest rates had shaved over €1 billion off the value of the bonds they used to park liquidity, and they had to write down intercompany loans to their sister companies in Russia by €752 million. Then last year, the Ingka group sold those Russian loans to the Kremlin-controlled Gazprombank, writing back their value onto their balance sheet. Now, financial information for the year ended on August 31, 2024, shows that they have also…

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