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Source: Yahoo News
Russian 'brain drain' of academic, finance, and tech workers 'might be the most important problem' for its economy, experts say
By Jason Lalljee | Sun, March 6, 2022
Young Russians who work in finance, tech, and academia may simply follow foreign institutions out of the country, an economics professor said.Kirill Kukhmar/TASS via Getty Images
It's not a question of whether people want to leave Russia, Oleg Itskhoki, an economics professor at the University of California, Los Angeles, told Insider. It's a matter of when they will — and whether they can.• Economists say more educated, middle-class Russians are likely to leave over Western sanctions.
• They've been leaving for years, and their exodus will likely hurt the country's economy.
• One economist says Russia may resemble Iran, whose economy has been crippled by sanctions.
"People want to leave in mass quantities now, but there are severe restrictions on mobility as a result of sanctions," he said, citing "closed embassies, closed skies for flying."
"So, in fact, fewer people will be able to leave even if more people are trying harder to leave now," he added. "This is particularly relevant for educated, informed people."
Following Russia's invasion of Ukraine last week, Western countries enacted a wave of sanctions that left Russia isolated and financially restricted. Foreign governments have even left Russians physically isolated: At least 33 foreign airlines have stopped flying to Russia, and most European countries have prohibited Russian planes from entering their airspace.
That's as thousands of Russians have fled the country in the past week, The Telegraph reported. Most of the people leaving are those who can afford to, including Russia's well-educated urban middle class. But the country has barred its citizens from leaving with more than $10,000 in tow, in an attempt to keep them — and their money — homebound.
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