Summary
Russia's economy faces challenges due to declining energy revenues, growing military expenses, and a widening budget deficit. The Russian government plans to increase the value-added tax to help fund defense and security. Western sanctions continue to impact Russia’s financial situation amid the ongoing war in Ukraine.
Key Facts
- Russia's economy is under pressure with declining energy revenues.
- There is a widening budget deficit in Russia.
- Russia plans to raise the value-added tax from 20% to 22%.
- The increase aims to support defense and security funding.
- Western sanctions have affected Russia's economy.
- The ongoing war in Ukraine contributes to Russia's financial challenges.
