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Russia will have to raise taxes even more to finance its war against Ukraine. Economists say that the measures already announced to increase revenues will not be enough to finance the country’s rapidly growing military spending, according to Reuters. Russia’s draft budget for 2025 allocates about a third of all expenditures, or 6.3% of GDP, to military needs, the highest level since the Cold War. For the first time, the share of defense spending will be twice as high as social spending. “The 2025 budget suggests that Putin is forced to cut spending in almost all areas to finance the war,” says…

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