Economy
Secret spending hits record level Paid Members Public
The Russian government on Monday sent its 2025-2027 budget to the State Duma, outlining plans that will see defense spending hit a post-Soviet record at 6.3% of GDP. We wrote about the plans for another ramp-up in Russia’s military spending in Friday’s newsletter. The publication of the
New US sanctions hit mid-tier online providers Paid Members Public
New US sanctions on the use of American software in Russia — agreed in June — have been in place since Sep. 12. The measures were designed to deprive Russian companies of access to business management, design and production tools. There were some exceptions in place to prevent undue disruption, but this
Jet crash prompts speculation over Russia’s import substitution drive Paid Members Public
Last Friday, a Russian Sukhoi Superjet (SSJ) 100 passenger aircraft crashed near Moscow, killing all three crew members on board. The plane was flying to Moscow’s Vnukovo airport after having undergone repair work. First developed in the 2000s, the model never took off with airlines either abroad or at
Russia ends subsidized mortgages, leaving a housing bubble and inequality behind Paid Members Public
On July 1, Russia halted its preferential mortgage program after awarding loans to millions of people at interest rates of up to 8% — half the Central Bank’s current base rate. The program was first introduced to support the real estate market during the Covid pandemic, but ultimately proved hugely
The hidden reasons behind Russia’s mega tax rises Paid Members Public
Last month Russia’s finance ministry officially unveiled plans for the country’s biggest tax “reform” in over 20 years. The changes will mean higher taxes for business and Russia’s middle class. The Bell spoke to economist Oleg Buklemishev, a former head of the finance ministry’s department of
A ‘competitive’ tax rate? Paid Members Public
Finance Minister Anton Siluanov keeps saying that even after income tax rates go up, Russia’s tax regime will remain “competitive and comfortable.” It is true that Russia’s headline rate of personal income tax rate was, and will remain, low compared with other countries. But those who paid close
When is a tax rise not a tax rise? When Russian propaganda talks about it Paid Members Public
Russia’s finance ministry last week officially put forward its proposals to “reform” the country’s tax system. The key change is the introduction of new progressive income tax bands, which will significantly raise taxes on the salaries of the country’s top earners. Businesses, too, will face a greater
Is the West’s oil price cap working? Paid Members Public
In the 18 months since it was introduced, the oil price cap has become one of the more controversial Western sanctions slapped on Russia since it invaded Ukraine. Moscow and its oil clients have found it easy to circumvent the measures and Russia’s Urals blend of crude oil has
