Russia's 2027-29 budget passes a first vote with tax hikes as war spending swells the deficit

Summary

With Russia's invasion of Ukraine intensifying the strain on state finances, President Vladimir Putin is reaching for cash to fund the government and the war, squeezing tax revenue from an economy increasingly skewed toward the military, The Philadelphia Inquirer reported on Thursday 29 October. The 2027-29 state budget was approved that Thursday in the rubber-stamp parliament on the first of three votes, accompanied by a string of tax hikes announced after the September parliamentary elections, the LA Times reported, and Fortune wrote that the government proposes a 20%-30% windfall profits tax on mining companies, as war spending swells Russia's deficit to $72 billion.

Latest: Russia's 2027-29 state budget was approved in the rubber-stamp parliament on the first of three votes, with a string of tax hikes, the LA Times reported, Fortune writing that the government proposes a 20%-30% windfall profits tax on mining companies as war spending swells the deficit to $72 billion, and The Philadelphia Inquirer that Putin is reaching for cash to fund the government and the war.

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