Putin Takes a 10% Pay Cut

On Friday, Russian President Vladimir Putin announced that he and most other Kremlin officials would take a 10 percent pay cut. (Putin is estimated to be a billionaire through graft, anyway). The decision comes as Russia’s economy faces severe financial and economic turmoil due to the falling price in oil (its main export) and harsh sanctions imposed by Western governments over the war in Ukraine. Even the cost of basic staples like vegetables has skyrocketed.