Russian officials are urging the government to take swift action to address a growing financial crisis, with senior lawmakers warning that a significant tax increase is necessary to stabilize the federal budget. The recommendation follows a period of declining oil and gas revenues, which have been a cornerstone of Russia’s economy since the 1990s. As global energy prices have dropped, the state-owned energy sector has faced mounting pressure, leading to a shortfall in the national budget.
According to the latest economic analysis, the federal budget is facing a deficit of over 200 billion rubles, prompting the government to consider additional revenue streams. The proposed tax increase is expected to target major industries, including energy, transportation, and finance, with the goal of boosting state coffers. However, the move has sparked debate among economists and business leaders, with some warning that it could dampen investor confidence and further slow economic growth.
The warning from senior lawmakers comes as the Russian government continues to navigate a complex economic landscape marked by international sanctions and a shrinking consumer base. While the tax hike is viewed as a necessary measure to ensure long-term fiscal stability, critics argue that it may not be sufficient to address the deeper structural issues facing the economy.