Around 200,000 employees of foreign companies in Moscow could lose their jobs due to sanctions over Russia’s military campaign in Ukraine, the city’s mayor said on Monday.

“According to our estimates, about 200,000 people are at risk of losing their jobs,” Moscow Mayor Sergei Sobyanin said in a blog post.

He said authorities had closing week accepted a $41-million programme to aid employment inside the Russian capital.

“First of all, the programme is aimed at employees of foreign companies that have temporarily suspended their operations or decided to leave Russia,” Sobyanin said.

Hundreds of particularly Western businesses have announced the suspension of their sports or their departure from Russia after President Vladimir Putin dispatched troops to Ukraine on February 24.

Sobyanin stated the newly accredited programme became anticipated to guide more than 58,000 human beings who’ve misplaced their jobs. Around 12,500 of them will go through retraining, he brought.

People in among jobs may be presented to get concerned in public works in some of the metropolis businesses, parks and someplace else, Sobyanin added.

Economists accept as true that the worst financial effect of debilitating Western sanctions remains to return and anticipate Russia to plunge into a deep recession.