Russia's economy is teetering on the brink of collapse, with industrial production taking a nosedive and major corporations initiating widespread layoffs as the impact of a three-year war with Ukraine inevitably hits home.
The military-industrial complex, already under pressure from the cost of war, has taken a significant hit as production targets stumble.
Meanwhile, private sector firms like internet behemoth VK, mobile operator, and energy giant Gazprom are all making cutbacks.
"These projects will be closed and their resources redistributed, but there won't be a big story where all tech staff are fired.".
These firms are crumbling under unmanageable borrowing costs, forcing many to cut back on their workforce to survive.
She also noted: "But here, too, layoffs will mostly affect white-collar workers, not blue-collar staff, which practically every Russian industry needs.
"Adding to the conversation, Anastasia Ovcharenko from Kontakt InterSearch Russia said: "Business is caught between a rock and a hard place. »
