How to say "reduction, abbreviation" in Russian?

Сокращение

"reduction, abbreviation" is Сокращение in Russian.

Сокращение means "reduction, abbreviation" in English.

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Word #3134 of 4,000 by frequency in Russian — level B2.

Example

Компания провела сокращение расходов в этом году.

The company made a cost reduction this year.