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Russia plans to boost tax to fund its defence funds as oil revenues decline.
Regardless of Western sanctions, Russia’s army spending has fuelled its conflict financial system. Three years into the conflict in Ukraine, progress is stalling, power revenues are plunging, and the funds 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 “huge financial bother”, 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?
Revealed On 2 Oct 2025
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