Russian President Vladimir Putin on Friday signed a bill that raises corporate and income taxes for the rich.
Russian President Vladimir Putin on Friday signed a bill that raises corporate and income taxes for the rich, as part of efforts to help fill government coffers depleted by the war in Ukraine.
The package of tax rises will raise around $29 billion in 2025 when they come into force.
Moscow's spending has outrun revenue by tens of billions of dollars since it ordered troops into Ukraine in February 2022, helping the economy defy expectations of a deep recession but also pushing it into rare budget deficits.
Russia ran a budget deficit of around $36 billion in 2023, equivalent to two per cent of GDP.
President Putin said the extra funds would bolster Russia's economic well-being and go towards a series of public investment projects.
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