Russian President Vladimir Putin signed three new decrees into law that will slash salaries in the presidential administration, the government office, and the accounts chamber by 10% from 1 May. The measures are part of the government’s emergency plan to address collapsing revenues due to the fall in global oil prices and economic sanctions imposed on the country. Crude oil is currently trading around $60 a barrel but the federal budget was based on oil prices of $100 a barrel, leaving a big black hole in the state’s finances that needs to be plugged. The news comes a week after …read more
Source: Business Insider
