Russian President Vladimir Putin holds a joint press conference with Italian Prime Minister Matteo Renzi during his two-day visit to Russia, at the Kremlin on March 5, 2015 in Moscow, Russia.
Sasha Mordovets—Getty Images
March 6, 2015 9:47 AM EST

Russian President Vladimir Putin announced Friday he would take a 10% pay cut, as the country’s economy continues to stagnate.

The decision, effective March 1 through Dec. 31, will affect other officials, including Prime Minister Dmitry Medvedev, Prosecutor General Yury Chaika and Investigative Committee President Alexander Bastrykin, AFP reports. Putin had tripled his salary only last year.

Belt-tightening has become necessary across Russia after economic sanctions by Europe and the U.S. over the country’s actions in Ukraine combined with low oil prices to cause the ruble to plummet in recent months.

Even though the Russian currency’s value has rallied in recent weeks, the economy is still forecast to enter a deep recession this year.

[AFP]

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