As the Axel Springer AG publishing house shut down the Russian edition of the Newsweek magazine, the Monday issue of the edition is the last, the magazine's website announced on Monday.

It said the decision was based on economic reconsiderations.

"We failed to find a solid economic base for the publication and to create a relevant prospective for the Russian Newsweek," said Ralph Buechi, president of Axel Springer International.

The Russian edition's editor-in-Chief, 37-year-old Mikhail Fishman, will stay in the company in his new capacity as a special correspondent.

Axel Springer Russia also publishes local editions of the Forbes, Computerbild, OK!, Geo and other magazines.