Transformation of the Regional Labor Market under the Influence of Sanctions

Abstract

The adoption of unprecedented sanctions against the domestic economy affects the labor market. The article presents preliminary results of assessments of the introduced unprecedented sanctions against Russia, and an analysis of the transformation of the regional labor market. The role of the imposed restrictions is determined and their cumulative effect on the change of the socio-economic situation in the region is established. The study found that the impact of sanctions creates social risks, but also a gradual destabilization of the situation in the regional labor market. The study revealed the delayed consequences and prerequisites of possible socio-economic shocks leading to changes in the functioning of the regional labor market. The grouping of destabilizing risks affecting the change in the situation on the labor market is justified. It is established that despite the period of high turbulence and uncertainty, the functioning of the regional labor market has a high adaptive potential. The assessment of changes in the components of the regional labor market did not show negative trends. Along with this, the risks of destabilization have been identified, which form the delayed negative consequences of economic sanctions against Russia imposed at the beginning of 2022. The characteristic of the effect of sanctions on the unemployment rate is given. The parameters were determined and a set of socio-economic indicators of the state of the regional labor market at the initial stage of the sanctions policy was identified.