Major Russian bank East West United Bank is axing almost half of its workforce as it faces numerous business challenges following Moscow’s invasion of Ukraine.

On Thursday, East West’s 80 employees in Luxembourg were told that up to 44 of them will no longer have jobs, as the bank undergoes a substantial “decline in business” amid the war in Ukraine. The bank was first established in Luxembourg in 1974 with the intention of providing financial services to the country’s Russian-speaking individuals.

“The bank is facing unprecedented challenges due to the geopolitical context of the war in Ukraine,” explained the bank’s three trade unions in a joint statement. East West decided to enter into a collective redundancy plan in an effort to remain operational and retain its remaining staff. The agreement was finalized on October 25 following “tense” negotiations during an “uncertain context for the bank, the trade unions added.

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