VEB.RF will reduce its budget in 2027 and plans to lay off 15 percent of employees, the bank’s head Igor Shuvalov said at a meeting of the Federation Council’s economic policy committee, reports “The Moscow Times”.
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He noted that VEB is cutting expenses under conditions of an economic “credit cooling”.
“We already issued an order 10 days ago, we started… this time we are reducing by 15 percent, reducing our organization’s budget to meet the given 2027 budget formation parameters,” Reuters quoted I. Shuvalov as saying.
According to the head of VEB, expenses are being cut due to government directives and next year will affect the subsidiaries of the VEB group.
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25 percent of companies have undertaken layoffs
According to “Get Experts” calculations, last year 25 percent of Russian companies reduced their workforce due to the worsening economic situation. Metallurgical plants were forced to lay off about 3,000 people after steel demand in the country fell by 15 percent, and several large companies, including the Magnitogorsk iron and steel plant, became unprofitable.
“Sberbank” laid off up to 20 percent of employees, and 13 other banks reduced their workforce by up to 40 percent. The wave of layoffs in 2026 was started by “Yandex”; about 2,000 employees were laid off by “Kamaz”, which last year suffered a record loss of 43 billion rubles.
According to its own reports, VEB ended last year with a profit of 89.4 billion rubles. Over the year, the government allocated 407 billion rubles from the National Wealth Fund to the bank, making VEB the largest recipient of the fund’s money.
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