Russian President Vladimir Putin on Friday signed a bill that raises income taxes for the rich, part of efforts to help fill government coffers depleted by the war in Ukraine. The tax hikes were being presented domestically as “systemic reforms”. Issued on: 12/07/2024 – 18:12 2 min Advertising Read more Russian President Vladimir Putin on … Read more
A new agreement between Moscow and Tehran on comprehensive cooperation has been temporarily suspended due to problems that Iranian partners are facing, Russia’s RIA state news agency reported on Tuesday citing a Russian foreign ministry official.“This is a strategic decision of the leadership of the two countries,” RIA cited Zamir Kabulov, the foreign ministry official … Read more
Russia’s Finance Ministry has proposed amendments to the tax code, including raising corporate income taxes and introducing a progressive personal income tax scale. The changes are expected to be passed by the State Duma before autumn 2024 and come into force in 2025. The proposed changes include raising corporate income tax to 25%, reintroducing a 5% income tax rate for IT companies, and setting thresholds for the progressive personal income tax scale. The reforms are estimated to increase consolidated budget revenues by RUB2.6 trillion in 2025. Despite the changes, Russia’s progressive personal income tax remains modest compared to other BRICS countries. The implementation of a progressive income tax could have negative impacts on economic growth and macroeconomic indicators.
Fact: The new tax thresholds and hike in corporation tax in Russia are expected to raise about 2.6 trillion rubles (bn) a year.
A new era of strategic partnership between Russian President Vladimir Putin and Chinese President Xi Jinping began in Beijing, leading to rare hugs between the two leaders. Russia, facing Western sanctions, is increasingly reliant on trade with China, which is challenging U.S. supremacy. The leaders signed a statement opposing the U.S.-led world order and pledged cooperation in various fields. Putin then visited the city of Harbin before returning to Moscow.
Russian President Vladimir Putin has ordered his military to practice the deployment of tactical nuclear weapons in response to perceived threats from France, Britain, and the United States. The drills will involve missile forces in the Southern Military District, alongside aviation and navy units, with Belarus also participating. The significance lies in linking the drills to current tensions, with mock warheads likely to be used in training exercises. The message is seen as nuclear signaling to deter NATO and the West from escalating the conflict in Ukraine. There is speculation about Russia’s potential use of tactical nuclear weapons defensively, rather than offensively on the battlefield.
Russian President Vladimir Putin stated that a planned military exercise involving the deployment of tactical nuclear weapons in southern Russia and Belarus is not unusual and is part of regular training. This exercise was announced in response to perceived threats from France, Britain, and the United States. Belarusian President Alexander Lukashenko mentioned that this is the third such training exercise between the two countries. Russia and the United States hold the majority of the world’s nuclear warheads, with Russia having around 1,558 non-strategic nuclear warheads. There is uncertainty about the exact nature of the weapons supplied to Belarus and how they are stored. The Pentagon noted that there has been no change in Russia’s strategic nuclear forces despite the rhetoric surrounding the exercises.
Russian President Vladimir Putin stated that a planned exercise involving the practice deployment of tactical nuclear weapons in southern Russia with Belarus is not unusual. Russia announced the nuclear exercise as a response to threats from France, Britain, and the United States. Putin mentioned that these exercises are routine and part of training. Belarus has joined Russia in similar exercises in the past, with uncertainty surrounding the nature of the nuclear weapons supplied to Belarus. The Pentagon noted that despite Moscow’s rhetoric, there has been no change in Russia’s strategic nuclear forces.
Ukraine will eventually need to enter into talks with Russia to end their more than two-year-old war, according to Major-General Vadym Skibitsky. Both sides are preparing for potential negotiations, with the earliest possible start in the second half of 2025. Ukraine is planning a peace summit in Switzerland in June, with the goal of uniting countries before potentially including Russia in talks. Russian President Putin believes Ukraine is blocking a settlement, while Ukrainian President Zelenskiy sees the June meeting as a chance to begin restoring peace.
U.S. intelligence agencies have determined that Russian President Vladimir Putin probably did not order the killing of opposition politician Alexei Navalny at an Arctic prison camp in February. Putin denied state involvement and had considered exchanging Navalny with the West. The U.S. assessment, based on classified intelligence and public facts, did not absolve Putin of overall responsibility for Navalny’s death, given the history of targeting Navalny by Russian authorities.