Russia raises taxes to fund war efforts in Ukraine

Russia: Russia is the world's largest country by land area and a major global power governed by President Vladimir Putin. Its government has made defense and security spending a central focus of fiscal policy amid its military operations in Ukraine. Recent budget proposals include targeted tax increases on excess profits in key industries and certain personal income streams to address resulting revenue needs. Fiscal Context: Russia has faced widening budget pressures linked to sustained military expenditures and infrastructure costs from the ongoing war effort. Revenue Strategy: Proposals target excess profits in sectors like metals and fertilizers along with passive personal income to support state finances during the Ukraine conflict. Budget Priorities: The Russian government has identified defence and security as a strategic priority in its upcoming multi-year budget planning.