According to the city’s mayor, some 200,000 foreign company employees in Moscow may lose their employment as a result of sanctions related to Russia’s military assault in Ukraine.
“Around 200,000 people are at risk of losing their employment, according to our estimations,” Moscow Mayor Sergei Sobyanin wrote in a blog post.
He said that authorities had approved a $41 million scheme to boost jobs in Russia’s capital just last week.
“First and foremost, the initiative is intended for employees of international enterprises that have temporarily halted operations or opted to leave Russia,” Sobyanin explained.
Following President Vladimir Putin’s deployment of soldiers to Ukraine on February 24, hundreds of mostly Western corporations have declared the suspension or exit from Russia.
According to Sobyanin, the newly approved initiative will help over 58,000 people who have lost their work. He stated that about 12,500 of them will be retrained.
People in between occupations will be offered opportunities to work on public projects in a variety of civic organisations, parks, and other locations, according to Sobyanin.
Economists predict that the worst of the economic consequences of the crippling Western sanctions are yet to come, and that Russia will enter a profound recession.