- Associated Press - Wednesday, December 24, 2014

MOSCOW (AP) - Russian Premier League clubs will ask their players to accept pay cuts in response to a sharp fall in the value of the ruble.

All 16 top-flight clubs agreed to ask players to accept revised deals pegged to a fixed exchange rate that is significantly lower than the current rate, according to documents released by the league.

That would effectively mean pay cuts of more than 20 percent for most of the league’s senior players.

The ruble has lost almost half of its value against the dollar and euro this year.

Russian football stars often have contracts that are denominated in euros or dollars but paid in rubles under a floating exchange rate, meaning their wages have risen sharply in absolute terms as the ruble declines.

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