Russia’s finance ministry proposed introducing extra progressive income tax rates for those earning more than 2.4 million roubles annually, as well as raising the mineral extraction tax for fertiliser and iron ore producers.
Russia’s benchmark stock index reached its highest level since February 2022 on Monday, while the rouble also strengthened slightly against the U.S. dollar. The MOEX Russian index rose 0.9% to 3,361.5 points, the strongest since Feb. 24, 2022. The dollar-denominated RTS index also increased by 0.9% to 1,147.5 points. The rouble was 0.2% higher at 92.29 to the dollar. There are concerns of potential weakening in the rouble in the upcoming days due to the end of a favorable month-end tax period and possible demand for dollars and euros in the U.S. and Europe after Easter. The rouble also saw changes against the euro and yuan. Brent crude oil, a key export for Russia, dropped 0.3% to .71 a barrel.