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Top banker says Russia needs millions of skilled migrants to boost growth
Published by Global Banking & Finance Review®
Posted on October 24, 2025
2 min readLast updated: January 21, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on October 24, 2025
2 min readLast updated: January 21, 2026
Russia's top banker stresses the need for skilled migrants to boost economic growth to 3.2% amid labor shortages and sanctions.
MOSCOW (Reuters) -Russia will need to attract millions of skilled migrants to achieve an economic growth rate of at least 3.2% and sustain its economy, the country's top banker and longtime ally of President Vladimir Putin said on Thursday.
German Gref, CEO of Russia's largest lender Sberbank, told members of the State Council on Demographic and Family Policy that higher growth could only be achieved by either increasing productivity or expanding the workforce.
"Without economic growth, there will be nothing. We won't be able to solve social problems, or any others. We must grow at a rate no lower than the global average. That means at least 3.2% annually until 2030," Gref said.
The country has faced acute labour shortages across multiple sectors since the start of the war in Ukraine, as hundreds of thousands joined the military. Generous payouts to army volunteers have also triggered a wage growth spiral.
Sberbank expects Russia’s economic growth to plunge to 0.8% in 2025, down from 4.3% last year. The central bank is expected to decide on its key interest rate on Friday, with economists evenly split on the outcome.
Gref argued that with high interest rates and limited investment capital due to Western sanctions making productivity gains difficult, the only viable path forward was to attract skilled labour from abroad.
Migration remains a politically sensitive issue in Russia, and public calls to increase migrant numbers are rare.
Russia has relied on foreign workers, mainly from ex-Soviet republics in Central Asia, in sectors such as construction and municipal services. Migration has been restricted since a deadly attack at a Moscow concert hall in 2024.
"Unfortunately, we are engaging in negative selection. We mostly attract very low-skilled labour, while we ourselves are losing highly qualified specialists,” Gref said. Many professionals fled Russia after the war began.
He urged the government to actively seek qualified professionals from abroad and create incentives for foreign students to remain in Russia after graduation.
"It is a matter of national security and the survival of the country," he said.
(Reporting by Darya Korsunskaya, writing by Gleb Bryanski, Editing by Alex Richardson)
Migration is the movement of people from one place to another, often for reasons such as employment opportunities, education, or escaping conflict. It can significantly impact a country's economy.
Employment opportunities refer to the availability of jobs in a particular area or sector. They are influenced by economic conditions, industry growth, and labor market demands.
Financial stability is a condition where the financial system operates effectively, allowing for sustainable economic growth. It involves maintaining confidence in financial institutions and markets.
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