Putin reaches for cash with new taxes on miners and savers as war spending swells Russia’s deficit to $72 billion

With Russia’s invasion of Ukraine straining on state finances, President Vladimir Putin is reaching for cash to fund his government and the war, squeezing tax revenue from an economy that’s increasingly skewed toward the military — while civilian needs take a back seat. The country’s 2027-2029 state budget, which was approved Thursday in the rubber-stamp parliament on the first of three votes, is accompanied by a string of tax hikes announced after the September parliamentary elections.

Source: Fortune Crypto