Page 38 - bne IntelliNews monthly country report Russia February 2024

“In line with a stronger expansion in new business, service firms raised their workforce numbers on average in December in a bid to ease pressure on capacity. The rate of job creation was solid overall and the quickest since June,” said S&P Global.
December data signalled a steeper rise in employment at goods producers as well. Greater new orders spurred firms to expand workforce numbers, with the rate of job creation quickening to the fastest for three months. Increased staffing numbers supported efforts to deplete backlogs of work at the end of the fourth quarter, as work-in hand fell for the second month running.
Both services and manufacturing producers remain very optimistic about the outlook for 2024.
“Confidence stemmed from planned investment in new products and machinery. The level of positive sentiment was historically elevated despite dropping to a three-month low,” said S&P Global.
4.3.2 Corporate dynamics
The EU will pay compensation to companies whose assets were nationalised by Russia. Russian authorities have confiscated business assets belonging to Western companies that decided to leave the country, leaving them no alternative but to abandon their investment. The leaders of the EU, having agreed on the 12th package of sanctions, decided to use funds frozen in the EU to compensate European companies that lost assets in
38 RUSSIA Country Report February 2024 www.intellinews.com