The mayor of Moscow said on Monday that hundreds of thousands of city residents could lose their jobs as a result of Western companies suspending or pulling operations in Russia.
According to our estimates, about 200,000 people are at risk of losing their jobs.
In the post, Sobyanin said that Moscow had approved an employment support program that would provide temporary jobs or training to those without work.
Around 58,000 employees are expected to benefit from the program and Russia will provide a monthly allowance for children and loans for small and medium businesses.
Russian President Vladimir Putin continues to deny that Western sanctions have had an impact on his country's economy.
The policy of sanctions towards Russia has failed, he said on Monday. The initiators couldn't get away with the sanctions.
According to the Yale School of Management, more than 750 companies have publicly announced that they would cut operations in Russia.
Some companies have pledged to keep paying their Russian workers even though they are no longer in the country.
McDonald's said that its store closings in Russia cost it $50 million a month, as it keeps its 62,000 local workers on payroll. The franchisees who own and operate those restaurants have refused to close and some of the locations are still open.
Moscow is still grappling with a long list of crises according to Sobyanin. In the next two weeks, city authorities will discuss how the capital will maintain its stock of medicines without imports, and how it will keep its hotel industry afloat.
There is a lot of work to be done and the results will appear in a few years.
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