The Alibaba Group Holding has let off roughly 40% of its personnel in its Russian joint venture as the prolonged Ukraine conflict affects cross-border operations.
The Chinese e-commerce behemoth could not be reached for comment right away.
According to the newspaper, it was unclear whether there would be further layoffs after some of the laid-off employees elected to leave willingly and a few relocated, citing an employee with knowledge of the situation.
According to the research, the commercial section was the hardest damaged.
AliExpress Russia, a joint venture between Alibaba and Russian partners that began in 2019, handles domestic and cross-border transactions.
More than three-quarters of the company’s revenue comes on cross-border sales, and it has been slower to profit from a pandemic-driven ecommerce boom as supply chains react to new travel restrictions.
The consequences from the Russia-Ukraine conflict has also had an influence.