The Russian State Duma has approved the federal budget and tax increase bills for the 2026-2028 period. The legislation, which outlines the financial framework for the next three years, is a significant step in shaping the country’s economic strategy amid international challenges. Speaker Vyacheslav Volodin, head of the State Duma, said the bills were passed ‘under difficult circumstances,’ citing the impact of over 30,000 sanctions imposed on Russia.
The measures are expected to provide the government with additional resources to support economic development and address the financial strains caused by the sanctions. The tax increases are likely to target key sectors of the economy, including energy, industry, and services, to ensure the stability of the Russian financial system. The legislation also includes provisions for increased funding for national projects and infrastructure development.
The passage of these bills comes at a time of heightened geopolitical tensions, with Russia facing ongoing economic pressure from Western sanctions. The government has been working to build economic resilience, and the new budget and tax measures are seen as part of a broader strategy to sustain economic growth and reduce reliance on foreign capital. Analysts suggest that the tax increases may also help to increase government revenue, which can be used to support domestic industries and reduce the fiscal deficit.