Russian energy company Gazprom said it was cutting expenses by more than $200million in an effort to streamline operations going forward.
The board of directors said it was cutting expenses by $238.7 million and expecting around $1.65 billion in foreign loans.
The Russian Central Bank last week raised its key interest rate by 6.5%t to 17% in an effort to arrest the decline of the nation’s currency.
The ruble has lost about 42% of its value since January, battered by Western sanctions imposed over the conflict in eastern Ukraine and the drop in the price of oil, the backbone of the Russian economy.
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