• 09/23/2024

Foreign companies in Russia cut more than 230,000 jobs in 2022

Pravda Ukraine

Foreign companies in Russia reduced their staff by more than 230,000 people in 2022, compared to 2021, the year before the full-scale war.

Source: KSE Institute’s monitoring

Reportedly, about half a million employees of foreign companies in the Russian Federation were partially dismissed or their terms of payment significantly changed due to the departure of 288 international companies from the country and the change of their owners to local legal entities and individuals.

Quote: “As long as key specialists continue to leave Russia, Russia’s technological lag behind the West against the background of sanctions will only increase. At the same time, one of the triggers for the outflow of Russian specialists was the outflow of foreign specialists from Russia, which led to the destruction of Russia’s economic, production, logistics, and technological ties with a significant part of the world,” analysts note.

In total, as of 15 October, 288 international companies, or 23.2% of the companies that received income in Russia in 2022, completely ceased operations in Russia. Also, 1,221 (34.5% of the total) foreign businesses closed operations and announced their intention to leave the country.

However, 1,478 (41.8% of the total) companies that the KSE Institute monitored are not planning to leave the Russian market yet, working without any changes. Another 548 (15.5% of the total) have suspended new investments in Russia and are still waiting.

Background:

  • 11 foreign companies left the Russian market in September 2023 – thus, the total number of businesses that left the Russian Federation reached 284, and almost 2,000 more continue to work or wait.

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https://www.pravda.com.ua/eng/news/2023/10/19/7424853/