Russia to Raise Taxes and Seize Miners' Profits to Finance War

Russia plans to keep military spending at around 17 trillion rubles (205 billion dollars) in 2027, which is 27% higher than the previous figure. In 2028, spending will decrease to 16.6 trillion rubles. To finance the war, the government will raise taxes, seize excess profits from the mining sector, and sell confiscated assets. The mining industry will face a tax of up to 30% on excess revenues if global prices for certain commodities rise by 10% compared to 2025. Gold miners will be burdened with a 20% tax on unpredictable income. The new measures are expected to bring in about 200 billion rubles annually. There are also plans to introduce new taxes on dividends and change the rules for taxing corporate profits. This year, Russia's budget deficit is expected to be around 2% of GDP.

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