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How sanctions and oil are affecting the Russian legal sector

Posted by: Laurence Simons 22/01/16

Not long ago, Russia’s booming economy made it a global hotspot for legal professionals looking to work overseas. Yet new sanctions and the promise of oil mean that there are less opportunities for those in the area and that the influx of international lawyers is slowing. Instead of the more traditional destination of Russia itself, interest is growing in the surrounding countries as development picks up and overseas investment takes off.

So what impact is this having on Russia? Well, professionals and lawyers in particular, are being forced to think outside the box and are opting instead to travel to where good opportunities are rife. Because of this, the expat community in the region is spreading out much more than in the past where numbers were typically concentrated in St Petersburg and Moscow. One such example is Turkmenistan, named the fastest growing economy in world according to the Economist Intelligence Unit. A growing oil & gas sector, enhancement of education and further education facilities, development of transport and rising international investment are all paving the way for lawyers looking to work in the area.

Other countries, such as Uzbekistan, Kazakhstan and Tajikistan, are also feeling the benefit of a popularity growth spurt. There has been much recruitment activity recorded in these surrounding areas over the past few months which suggests that more interest is being roused among legal professionals around the world. Not only this, but innovative tech hubs and space centres are taking off in this area, which means that there is likely to be a wealth of work waiting.

So, although it looks as though the brakes are being pushed on Russia’s economy for now, many of the surrounding countries are moving into fifth gear. Could this be your next venture?