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Gazprom to Slash 40% of Saint Petersburg HQ Staff, Aiming to Save 50 Billion Rubles

Jan 13, 2025, 12:21 PM

Russia's Gazprom, facing financial difficulties due to the collapse of its European market, is planning to cut nearly 40% of its headquarters staff in Saint Petersburg. The proposed layoffs would reduce the number of employees from 4,100 to 2,500, aiming to save approximately 50 billion rubles ($485 million). This decision comes in the wake of Gazprom's first annual net loss since 1999, reported in 2023, and follows the end of gas transit through Ukraine, which has severely impacted the company's revenue. The layoffs are part of broader cost-cutting measures as Gazprom struggles to adapt to the loss of its primary market in Europe.