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Russia Faces Economic Collapse: Gazprom Cuts 1,600 Jobs

1/21/2025

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Summary

Story summary

Russia is grappling with a deepening economic crisis as interest rates soar to 21%, with projections of a rise to 22% by the end of the first quarter. Major sectors, particularly energy and banking, are buckling under the strain of loan repayments. In a stark move, Gazprom is set to cut 1,600 jobs, nearly 40% of its workforce in Saint Petersburg, highlighting the dire situation.

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Story summary

Russia is grappling with a deepening economic crisis as interest rates soar to 21%, with projections of a rise to 22% by the end of the first quarter. Major sectors, particularly energy and banking, are buckling under the strain of loan repayments. In a stark move, Gazprom is set to cut 1,600 jobs, nearly 40% of its workforce in Saint Petersburg, highlighting the dire situation.