Russian Central Bank: Russia's Economy Faced with Labor Shortage for the First Time in History
The war with Ukraine is not mentioned in this context.
Russia's economy has faced a labor shortage for the first time in modern history. This was stated by Central Bank Chair Elvira Nabiullina during the Moscow Exchange Forum, write "Vedomosti".
"This is a new reality for the authorities, a new reality for business," she noted.
Nabiullina noted that the deterioration of external conditions continues almost constantly. This includes inflation accelerating to 10% by the beginning of last year, and there is evidence of an overheating economy.
On April 15, Russian President Vladimir Putin announced at a meeting on economic issues that unemployment in Russia continues to remain at a low level (2.1%). In his opinion, this allows us to speak of changes in the country's labor market.
The war with Ukraine is not mentioned in this context. In March 2026, Putin signed a decree to increase the size of the Russian armed forces to a record number — approximately 2.3 million people, of whom 1.5 million are direct military personnel.
According to the latest estimates by journalists from the BBC Russian Service and "Mediazona" based on open data, Russia's confirmed losses in the war against Ukraine have exceeded 200,000 people.
International organizations and Western intelligence services provide significantly higher estimates for Russia's total losses — hundreds of thousands killed and over a million wounded. According to some data, approximately 35,000 Russian military personnel were removed from the battlefield monthly in 2025.
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