Dominant lender Sberbank and gas giant Gazprom are among the major Russian companies raising salaries from July, faced with double-digit inflation and the need to retain top talent as some workers choose to leave the country. Triggered by Moscow's sending tens of thousands of troops into Ukraine on Feb. 24 and the subsequent Western sanctions that followed, inflation has soared in Russia this year, accelerating to 16.2% as of June 24. Some sectors, namely IT, have had to contend with workers leaving the country, some in opposition to Russia's actions in Ukraine, others seeking opportunities abroad as Russia becomes more isolated.
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The Russian rouble plunged more than 6% against the dollar on Friday to its weakest level in 10 days, while shares in Gazprom extended losses after the gas giant cancelled dividend payments, pressuring Russian stock indexes. The likelihood of the rouble strengthening past 50 to the dollar has eased, said Dmitry Polevoy, head of investment at Locko Invest, although high commodity prices were supporting the Russian currency. The rouble has become the world's best-performing currency this year, boosted by measures taken to shield Russia's financial system from Western sanctions imposed after Moscow sent troops into Ukraine on Feb. 24.