Russian energy giant Gazprom plans to reduce its workforce by 39% at its headquarters in Saint Petersburg, reducing the total number of employees from 4,100 to 2,500, according to local media reports on Monday.
Citing Gazprom officials, the Russian news agency TASS reported that the company initiated a mass layoff process at its Saint Petersburg office with the aim to save 50 billion rubles (approximately $485 million).
Gazprom, which reported a loss of 629 billion rubles for 2023 and recorded a 480.6 billion ruble deficit in the first half of last year, is implementing cost-cutting measures to stabilize its financial standing.
The layoffs follow a major disruption in natural gas trade between Russia and several European nations in the wake of the Ukraine war.
