Russia plans to boost tax to fund its defence finances as oil revenues decline.
Regardless of Western sanctions, Russia’s navy spending has fuelled its conflict economic system. Three years into the conflict in Ukraine, development is stalling, vitality revenues are plunging, and the finances deficit is widening.
To shore up state coffers, Russia is elevating the value-added tax from 20 p.c to 22 p.c, amongst different measures. The Ministry of Finance says funds will primarily cowl defence and safety spending.
The plan got here a day after United States President Donald Trump mentioned Russia was in “large financial hassle”, however is it?
Can the UK’s Labour Social gathering ship on its financial guarantees?
Plus, will the Africa-US commerce pact, AGOA, be renewed?
Printed On 1 Oct 2025
