Russia's economy needs a 6-day work week to help navigate sanctions, business group says

• Russian business leaders have called on Moscow to consider a six-day work week.
• The Russian economy is feeling the weight of Western sanctions amid war in Ukraine.

Russian business leaders have asked the Kremlin to consider implementing a six-day work week to help the economy navigate Western sanctions, according to a report from Russian media outlet Izvestia cited by Politico.

"Thanks to the clear actions of the government and the central bank, the economy and the national currency of Russia not only withstood the blow, but also demonstrated resistance to stress. Nevertheless, at present, the need of our financial and economic system for additional investments remains," the Avanti business club wrote in a letter to Russia's labor minister.

The group includes Russian business leaders, as well as several Russian members of parliament, per its website.

Before the first series of sanctions hit in 2014, when Russia invaded Crimea, the economy had steadily grown to stand among the five largest in the world, but amid increasing financial stress, more must be done, the business group wrote.

A longer work week, the authors said, would help the workforce achieve President Vladimir Putin's goals set for 2023, as well as better position the country for a technological and industrial breakthrough while reducing dependence on other countries.

The letter comes as Russia is experiencing a record labor shortage, with employers reporting the lowest level of worker availability since data began in 1998. The Ukraine war has led to an exodus of citizens, in addition to the mobilization of 300,000 troops.

Meanwhile, European Union nations are now in talks for an 11th round of sanctions on Russia, after Europe's imports of Russian energy supplies saw particularly steep declines.

Sanctions banned Russian coal in August 2022, crude oil in December 2022, then refined oil products this February. Over the last year, Russia has grown increasingly reliant on trade with Asian buyers, namely China and India, to keep its export business afloat.

Russian Prime Minister Mikhail Mishustin said Tuesday that trade with China will hit a new record this year. He believes total trade volume could reach $200 billion in 2023.

That would surpass the prior record of $190 billion reached last year.

"The governments of Russia and China have begun a coordinated effort to implement the agreements reached at the supreme level," Mishustin said, according to state-run Tass.