Technology companies are reportedly pulling their Russian employees out of the country, redeploying them in neighboring countries such as Armenia, Turkey, and Georgia.
As many as 70,000 workers might have left after Russia invaded Ukraine, according to an estimation by the Russian Association of Electronic Communications (RAEC).
The agency has warned that another 100,000 workers may move out of the country by the end of April. Reports suggest that a majority of these workers are relocating to the Armenian city of Yerevan.
Tech companies have no option but to move their employees out of the country, as Russia has been battered by the Western sanctions, following the country’s invasion of Ukraine, which have disrupted both internet service and the supply of computer hardware in the country.
Thanks to the sanctions, now many European and American companies are unable to access banking and internet services in Russia. Nor can they pay their employees.
It seems the IT providers chose the option of pulling their employees out of the country rather than losing them at this moment of a talent crisis.
Russia has long been losing tech workers to other nations but the sanctions have accelerated this exodus, analysts say.
This migration of IT professionals is likely to have a large impact on the Russian economy, which has long been struggling to diversify away from the oil and gas industries.