The exodus of Western companies from Russia could cost hundreds of thousands of jobs in Moscow alone.

The city's mayor, Sergey Sobyanin, said in a blog post Monday that 200,000 people were at risk of losing their jobs. Authorities were setting aside 3.36 billion rubles ($41 million) to support them, he added.

Scores of Western companies have left Russia or suspended operations in the country after President Vladimir Putin ordered the invasion of Ukraine in late February. Businesses have been sold, offices shut, and production of everything from beer to cars halted.

Dozens of them, including McDonald's (MCD) — which employs 62,000 people in the country — have promised to continue to pay their workers, at least for a limited period of time.

Sweden's Ingka Group, owner of retailer IKEA, has 15,000 employees in Russia. A company spokesperson told CNN Business last month that it has guaranteed three months' salary to its workers.

Yet it is unclear how long companies can keep up the support. Sobyanin said the Russian government is stepping in to help those workers left behind.

"The [support] program is addressed to employees of foreign companies that have temporarily suspended their activities or decided to leave Russia," he said.

According to the mayor, the assistance plan includes training, employment in temporary and public works, and incentives for organizations and firms to hire workers whose companies have left.

Western sanctions have hobbled Russia's economy and pushed the country to the brink of its first default on foreign debt in more than a century. Inflation has soared and economists are forecasting a deep recession.

Lacking access to about half of its foreign currency reserves — now frozen under sanctions — Russia attempted to pay in rubles, not the dollars stipulated in contracts, on two maturing bonds in early April, credit ratings agency Moody's said Friday. Russia has until May 4 to meet its obligations or it could be considered to be in default, the agency said. S&P has already called out Russia for a "selective default" on those bonds.

US Treasury Secretary Janet Yellen last week skewered governments and companies that have kept their ties to Russia.

"Let me now say a few words to those countries who are currently sitting on the fence, perhaps seeing an opportunity to gain by preserving their relationship with Russia and backfilling the void left by others. Such motivations are short-sighted," she said in a speech at the Atlantic Council

https://africa.businessinsider.com/news/despite-putins-claims-that-the-wests-economic-blitzkrieg-strategy-didnt-work-moscows/qxn0wnw

https://edition.cnn.com/2022/04/18/economy/moscow-job-losses-mayor/index.html

https://www.themoscowtimes.com/2022/04/18/200000-risk-losing-jobs-in-moscow-over-sanctions-mayor-a77392

Dear Putards,

Food is ready

Just passing by

gambojimeta:
Just passing by

You Nigerian Putin supporters are the most dorkish people.

No common sense or critical thinking. Russia is fighting tooth and nail to save their currency. Is there a long term potential to stay up? Only if they end their senseless war which ego won't let them.

Now the value is rising, how long do you think it is going to last?

This is even an incentive for investors to break even, cash out and leave the country. What do you think happens afterwards?

The only lifeline is the gas exports.What happens when all the LNG investments and alternative contracts for gas to Europe play out? The recent visit by Europeans to Nigeria what do you think it was for?

Go and invest in Russia na since the currency is doing well.

tempest01:


You Nigerian Putin supporters are the most dorkish people.

No common sense or critical thinking. Russia is fighting tooth and nail to save their currency. Is there a long term potential to stay up? Only if they end their senseless war which ego won't let them.

Now the value is rising, how long do you think it is going to last?

This is even an incentive for investors to break even, cash out and leave the country. What do you think happens afterwards?

The only lifeline is the gas exports.What happens when all the LNG investments and alternative contracts for gas to Europe play out? The recent visit by Europeans to Nigeria what do you think it was for?

Go and invest in Russia na since the currency is doing well.

Beautiful points.

tempest01:


You Nigerian Putin supporters are the most dorkish people.

No common sense or critical thinking. Russia is fighting tooth and nail to save their currency. Is there a long term potential to stay up? Only if they end their senseless war which ego won't let them.

Now the value is rising, how long do you think it is going to last?

This is even an incentive for investors to break even, cash out and leave the country. What do you think happens afterwards?

The only lifeline is the gas exports.What happens when all the LNG investments and alternative contracts for gas to Europe play out? The recent visit by Europeans to Nigeria what do you think it was for?

Go and invest in Russia na since the currency is doing well.

joyandfaith:


Beautiful points.

Check again

The graph rubbished the rubles

He is not a Putard in any way.

The sanctions flying from all angles will cripple Russia.Hundreds of thousands of jobs are being lost;thousands of soldiers death;Hundreds of generals and top military personels killed;thousands of weapons burnt and destroyed in an unprovoked putin's war.