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Uralvagonzavod Cuts Jobs Amid Russia’s $100 Billion Deficit

11/8/2025

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Summary

Story summary

Uralvagonzavod (UVZ), a key Russian tank producer, plans significant layoffs, up to 50% in some divisions.
By February 2026, UVZ aims to cut its workforce 10% and halt new hiring.
Employees fear the actual cuts may be larger than announced.
Ukrainian President Volodymyr Zelenskyy predicts Russia will run at least a $100 billion budget deficit in 2026 due to sanctions.
The trend signals broader economic strain on Russia's defense and civilian sectors.

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Story summary

Uralvagonzavod (UVZ), a key Russian tank producer, plans significant layoffs, up to 50% in some divisions.
By February 2026, UVZ aims to cut its workforce 10% and halt new hiring.
Employees fear the actual cuts may be larger than announced.
Ukrainian President Volodymyr Zelenskyy predicts Russia will run at least a $100 billion budget deficit in 2026 due to sanctions.
The trend signals broader economic strain on Russia's defense and civilian sectors.