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Reuters: Gazprom to cut hundreds of traders as Russia retreats from West

Published 03/14/2018, 04:47 PM
© Reuters.  Reuters: Gazprom to cut hundreds of traders as Russia retreats from West
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  • Russia's Gazprom (OTCPK:OGZPY) will cut hundreds of jobs at its overseas trading and export offices and move them to St. Petersburg, Reuters reports.
  • The decision reflects a broader trend of Russian state firms retreating from the West as part of Pres. Putin’s drive to repatriate capital to reduce exposure to sanctions as well as shore up the domestic economy, according to the report.
  • Gazprom’s overseas trading and exports divisions employ ~2K people, and more than half likely will lose their jobs, while about the same number of people will be hired in St. Petersburg, where many trading operations will be executed.
  • The jobs decision reportedly was made earlier this year, well before U.K. Prime Minister May said Russia was to blame for the attempted murder a former double agent in a British city.
  • Now read: Europe's Late Winter Deep Freeze Makes Further Gazprom Pipeline Obstruction Very Unlikely


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