Latest News

The Wall Street Journal: Russia’s brain drain: Hundreds of thousands of professionals and highly skilled workers have left country since Putin’s invasion of Ukraine

0

Hundreds of thousands of professional workers, many of them young, have left Russia since its invasion of Ukraine, accelerating an exodus of business talent and further threatening an economy targeted by Western sanctions.

See: Russia’s economy has adjusted to sanctions. That doesn’t mean Moscow is winning the financial war.

Also read: Draft-age Russian youths nervous as war in Ukraine grinds on

Those leaving the country include tech workers, scientists, bankers and doctors, according to surveys, economists and interviews with emigrants. They are departing for countries including Georgia, Armenia and Turkey. More are expected to follow.

A mid-March survey by OK Russians, a nonprofit helping people leave the country, estimated that around 300,000 workers had departed since the war started in late February. While precise counts of the number of people leaving Russia aren’t available, some economists have reached similar conclusions about the scale of the outflow. Around 500,000 people left Russia in 2020, according to Rosstat, Russia’s statistics agency.

“The people who are either leaving or planning to leave are highly educated and generally young,” said Elina Ribakova, deputy chief economist at the Institute of International Finance. “This is your most productive part of the labor force that is disappearing.”

The European Bank for Reconstruction and Development, a top regional development bank, expects the Russian economy to contract 10% this year.

An expanded version of this report appears at WSJ.com.

Trending at WSJ.com:

Ukrainian enclave in Brazil offers warm welcome to refugees

Horrors of Bucha laid bare on Yablunska Street

Yen Weakens Amid Macron's Lead, Fed Rate Hike Expectations

Previous article

The Big Move: We spent over $100K trying to flip a ‘nightmare’ house. I want to sell, my husband wants to rent it out. Who’s right?

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News