Russian workers at one of Moscow's biggest international airports are reportedly facing an 80% cut to their wages as the economic crisis in Russia intensifies. Moreover, around 800,000 employees will have their weekly working hours reduced, as many companies are forced to switch to four-day workweeks in a bid to cut costs.

Russian businesses have faced tough economic conditions, buffeted by the double whammy of high inflation and interest rates. This has made the cost of servicing prior bank loans and raising much needed capital for investment prohibitively expensive for many companies. In a desperate bid to save money, businesses across the country are implementing a stringent programme of wage cuts and reduced working hours.

Reports have emerged that employees at Moscow's Domodedovo Airport will now be paid only 20% of their salaries.

200 workers resigned immediately in protest at the decision. The salary cuts are linked to the airport's transition to state ownership and subsequent management changes.

Domodedovo officials insisted that the airport was "fulfilling its obligations to the workforce, airlines and partner companies in full". The airport faced potential bankruptcy, with its debt having reached 70 billion rubles (£642m) and passenger numbers in steep decline.

In 2025, interest payments alone will amount to an eye-popping 8 billion rubles (£73m). The airport’s new CEO, Andrey Ivanov, told reporters: "The debt was caused by a decline in passenger traffic and revenue, increased losses, and a failure to cut expenses or improve operational efficiency."

Meanwhile, several major Russian companies are in the process of implementing reductions to the working week, which will affect hundreds of thousands of workers.

The Chelyabinsk Electro-metallurgical Plant, KAMAZ, and GAZ have all announced plans to switch to a four-day working week. Russian Railways, Avtovaz and Ulyanovsk Automobile Plant (UAZ) have also said they will seek to cut workers' hours.

It comes as the grain harvest in one of Russia's biggest wheat-growing regions fell by just over 24% year-on-year. Rostov Region collected 8.2 million tonnes, down 10.8 million from last year, in a major blow for Russia's agricultural sector.

Russia's Minister of Economic Development, Maxim Reshetnikov, acknowledged the blow, saying: "We have a rather difficult situation with agriculture this year. Unfortunately, for the second year in a row, we have had a serious drop in the gross harvest."