Russian divisions of foreign banks, such as Citi and Raiffeisen Bank International (RBIV.VI); have started looking for staff this month after Russian authorities moved to block them exiting the country; industry sources and a recruiting company said.
Russia’s move to send tens of thousands of troops into Ukraine on Feb. 24 prompted Western banks in Moscow to remove foreign nationals from senior positions and study ways to exit the Russian market.
But escalating sanctions have restricted their options, industry sources said.
From April to June, banks with foreign roots had few vacancies open in Russia; but in July the situation changed, Headhunter, one of Russia’s top recruitment companies, told Reuters.
Raiffeisen Bank posted 276 job openings in Russia in July, while Citi was looking for candidates to fill 84 vacancies in Russia.
Citigroup declined to comment. The bank, which disclosed an exposure of $8.4 billion to Russia as of the second quarter, has said it was exploring all options to exit its consumer and commercial banking business in the country.
‘SIGH OF RELIEF’
After Moiseev’s comments, staff at foreign banks in Russia “breathed a sigh of relief” as many had feared losing their jobs if foreign banks; decided to wind down Russian operations, a source at one foreign bank in Moscow told Reuters.
The vacancies that have opened are related to the fact that many employees left Russia after Feb. 24. They just stood up, resigned and fled on a wave of panic. So there are vacancies that need to be filled,” the source said.
In April, French bank Societe Generale (SOGN.PA) became the first foreign lender to quit Russia after Feb. 24, selling its Rosbank unit to Interros Capital, a firm linked to Russian oligarch Vladimir Potanin.