💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Russia's largest airport furloughs some workers, freezes hiring

Published 03/21/2022, 01:16 PM
Updated 03/21/2022, 01:23 PM
© Reuters. Passenger planes owned by Russia's airlines, including Aeroflot and Rossiya, are parked at Sheremetyevo International Airport in Moscow, Russia March 1, 2022. REUTERS/Marina Lystseva

(Reuters) - Russia's largest airport, Moscow's Sheremetyevo, said on Monday it had furloughed a fifth of its staff and frozen further recruitment as passenger traffic plunged due to Western sanctions.

The United States and Europe have closed their airspace to Russian airlines, prompting Moscow to retaliate by imposing the same measure. Sanctions have also cut off supplies of most aircraft and spare parts to Russia.

"From March 16, some employees of Sheremetyevo International Airport were furloughed," it said, adding that they would be paid two-thirds of their wages.

Sheremetyevo, one of the busiest airports in Europe before the COVID-19 pandemic hit in 2020, had cast itself as a transit hub linking east and west.

The airport closed two of its five passenger terminals on March 15 and has taken one of its runways out of service, citing "enforced restrictions on international air transport".

© Reuters. Passenger planes owned by Russia's airlines, including Aeroflot and Rossiya, are parked at Sheremetyevo International Airport in Moscow, Russia March 1, 2022. REUTERS/Marina Lystseva

The company has also temporarily frozen all its investment projects.

Privately-owned Ural Airlines, one of Russia's largest carriers, also said last week that it had been forced to furlough some of its staff.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.