--- description: The Russian president made the announcement in the midst of his country's economic crisis title: Putin Says He'll Take a 10% Pay Cut image: https://static.time.com/v3/assets/bltea6093859af6183b/bltc58e0aab0edb6703/6987828055a8596008a862dc/putin-pay-cut.jpeg?branch=production&width=3840&quality=75&auto=webp&crop=16:9 ---  * [World](/section/world/) ## World Update your preferences in [Account Settings](/account/preferences/) Close * [russia](/tag/russia/) ## russia Update your preferences in [Account Settings](/account/preferences/) Close # Putin Says He'll Take a 10% Pay Cut by [Sarah Begley](/author/sarah-begley/) ## Sarah Begley Update your preferences in [Account Settings](/account/preferences/) Close Mar 6, 2015 2:47 PM CUT  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. 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 by [Sarah Begley](/author/sarah-begley/) ## Sarah Begley Update your preferences in [Account Settings](/account/preferences/) Close Mar 6, 2015 2:47 PM CUT Russian President Vladimir Putin [announced Friday](http://www.dailystar.com.lb/News/World/2015/Mar-06/289854-putin-takes-10-salary-cut-in-crisis-hit-russia.ashx "undefined") 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](http://www.reuters.com/article/2014/12/22/us-russia-crisis-economy-poll-idUSKBN0K01LT20141222 "undefined") this year. \[[_AFP_](http://www.dailystar.com.lb/News/World/2015/Mar-06/289854-putin-takes-10-salary-cut-in-crisis-hit-russia.ashx "undefined")\] ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/3735208/putin-pay-cut/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/3735208/putin-pay-cut/"},"headline":"Putin Says He'll Take a 10% Pay Cut","datePublished":"2015-03-06T14:47:32.000Z","dateModified":"2026-02-22T04:58:14.645Z","description":"After tripling his salary just last year","url":"https://time.com/3735208/putin-pay-cut/","keywords":["russia","Kremlin"],"thumbnailUrl":"https://static.time.com/v3/assets/bltea6093859af6183b/bltc58e0aab0edb6703/6987828055a8596008a862dc/putin-pay-cut.jpeg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","author":[{"@type":"Person","name":"Sarah Begley","jobTitle":null,"url":"https://time.com/author/sarah-begley/"}],"articleSection":"World","image":[{"@type":"ImageObject","url":"https://static.time.com/v3/assets/bltea6093859af6183b/bltc58e0aab0edb6703/6987828055a8596008a862dc/putin-pay-cut.jpeg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","width":1200,"height":675,"headline":"Italian Prime Minister Matteo Renzi Visits Russia","caption":"Italian Prime Minister Matteo Renzi Visits Russia","creditText":"Sasha Mordovets—Getty Images","representativeOfPage":true}],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"/section/world/","name":"World"}},{"@type":"ListItem","position":2,"item":{"@id":"/tag/russia/","name":"russia"}},{"@type":"ListItem","position":3,"item":{"@id":"https://time.com/3735208/putin-pay-cut/","name":"Putin Says He'll Take a 10% Pay Cut"}}]},{"@context":"https://schema.org","@type":"VideoObject","name":"Vladimir Putin's Year in Review","description":"From the annexation of Crimea to the crisis in Eastern Ukraine, this Person of the Year runner-up left an indelible mark on 2014","thumbnailUrl":"https://cdn.jwplayer.com/v2/media/kIRZQPUV/poster.jpg?width=720","uploadDate":"2014-12-10T11:45:12.000Z","contentUrl":"https://cdn.jwplayer.com/manifests/kIRZQPUV.m3u8","embedUrl":"https://time.com/3735208/putin-pay-cut/","duration":"PT3M46S","potentialAction":{"@type":"SeekToAction","target":"https://time.com/3735208/putin-pay-cut/?jw_start={seek_to_second_number}","startOffset-input":"required name=seek_to_second_number"}}] ```