A growing number of Global 100 firms appear to be pulling back from Russia as the country’s economy reels from a perfect storm of Western economic sanctions, the ruble’s recent collapse and tumbling oil prices. Many other firms are reevaluating their positions in the country as the Kremlin prepares for what its fearless leader has said publicly could become a prolonged recession.
“Everyone is looking at the staff, and if they haven’t already done so, they’re considering whether they need to scale back,” says one partner in the Moscow office of a large U.S. firm, who asked not to be identified. “It’s tough out there,” adds another top partner at another global firm. “A lot of firms are thinking about pulling out.”
