Russia Weighs Flat Spending and More Tax as War Strains Finances
Russia is facing increasing financial strain due to the ongoing war in Ukraine. The country plans to keep federal spending flat for the next year, while considering raising taxes to help address the growing budget deficit. The government is exploring various options, including potential tax hikes, to generate additional revenue and alleviate the fiscal burden caused by the military conflict. This comes as Russia's financial resources are being stretched thin, with the war's costs contributing to a widening budget gap. Despite the economic challenges, the Russian authorities are determined to maintain a stable fiscal stance, aiming to avoid significant spending increases or budget deficits. The decision to hold federal spending at current levels reflects the government's efforts to manage the financial implications of the war while minimizing the impact on the overall economy.
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