Russian Invasion In Ukraine Leaves Its Own Economy Barren

WhatsAppWhatsAppFacebookFacebookTwitterTwitterPinterestPinterestRedditRedditGmailGmailShareShare

Last updated on April 14th, 2022 at 02:16 pm

RussiaRussia Russia – Job prospects continue to become scarce in Russia as the Ukraine war stretches on into another month. With many companies withdrawing their operations in Russia, people are witness great loss of jobs as of now. This has severely affected the Central Asian migrant worker which is now returning back home, with low to no hope of sending remittance back to their hometowns. This includes workers coming from Kyrgyzstan, Tajikistan, and Uzbekistan. 

Russia is the destination for most Central Asian labor migrants and therefore the main source of remittances. Russia is also a major trade partner of these countries.

The Russian market is sliding down a steep slope by the day. Sanctions imposed by Western nations to punish Russia for what it calls a “special operation” in Ukraine have sent the economy into a tailspin, with inflation and economic contraction both expected in the double digits.

Sanctions imposed by Western nations to punish Russia for what it calls a “special operation” in Ukraine have sent the economy into a tailspin, with inflation and economic contraction both expected in the double digits.

Related Posts

According to official estimates given by the Centre for Strategic Research in Moscow, job losses in Russia could swell by as much as 2 million by year-end. In the worst-case scenario, unemployment could approach 8%, the think-tank estimates, almost double February levels.

Over 600 companies have announced their withdrawal from Russia since the invasion hit, according to the Yale School of Management, though many will pay employees for a few months. Political analysts have said that this war is going to change the economics for Russia forever. It is no exaggeration to say that indeed, Russia has been forcefully yanked out of the global financial system.  There will be an uptick in white collar unemployment as foreign companies and banks are leaving, but companies are also withdrawing from sectors such as retail that employed cheap labour.

With McDonalds having employed more than 60,000 staff, French carmaker Renault 45,000 and retailer Ikea with 15,000, Orlova calculates that Western firms’ departure will directly cause the loss of approximately one million jobs. Western embargoes on Russian exports, if implemented, may force mining and oil firms to lay off staff.

About Dr. Neha Mathur

Join Dr. Neha Mathur on a journey of compassion and expertise as she navigates the intricate landscape of human rights and workers' welfare.

Dr. Neha Mathur

Join Dr. Neha Mathur on a journey of compassion and expertise as she navigates the intricate landscape of human rights and workers' welfare.

Recent Posts

Can AI Replace Employees? mysite.ai Raises EUR 2.1M to Bring AI Workers to Small Businesses

The Polish startup mysite.ai, formerly Codejet, has raised a EUR 2.1 million pre-seed round to construct a fully autonomous AI…

June 17, 2025

Who Are the 4,000 Iloilo City Workers Now Covered by PhilHealth, and What Benefits Will They Get?

Approximately 4,000 non-plantilla employees in Iloilo City are covered under the health scheme. This covers project-based, job order and contract…

June 17, 2025

Greece’s Free 1-Year Global Nomad Pass Launches June 17 for Remote Workers

What is the Global Nomad Pass programme? On June 17, 2025, Greece launched a new countrywide remote work programme with…

June 17, 2025

2025 International Labour Conference: What Changed for Workers? Details Inside

The 113th International Labour Conference (ILC) was a breakthrough moment for the global workers’ rights agenda, resulting in historic advancements…

June 16, 2025

UK Tightens Immigration: 8 New Rules Every Immigrant Must Know

Several significant changes to the immigration system are now underway in the UK government after the release of a new…

June 16, 2025

What Is the Current DA in UPS and How Many Employees Will Gain?

What is the Unified Pension Scheme (UPS)? The Unified Pension Scheme (UPS), beginning 1 April 2025, provides a guaranteed pension…

June 16, 2025