As cheap oil and Western sanctions continue to batter Russia’s economy, President Vladimir Putin slashed Kremlin salaries — including his own — by 10% Friday, according to state news service Tass.
Government documents released in 2014 put Putin’s annual salary at nearly 3.7 million rubles — worth about $61,000 today thanks to soaring inflation.
Putin’s ruble reduction for his top ministers comes some two months after he canceled their holiday vacations, citing the same economic woes.
“The Government and its various structures cannot afford such extensive holidays, at least not this year,” Putin told government ministers at the time. “You know what I am talking about.”
But it wasn’t just top Cabinet members that would feel the pinch.
“President Putin also reduced the wages of Kremlin administration, government staff and the Chamber of Accounts by 10% as well,” according to Tass.