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Putin Raises Taxes Amid Economic Slowdown and Oil Shifts

1/6/2026

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Summary

Story summary

Vladimir Putin, the president of Russia, ordered a tax increase, raising the consumption tax from 20% to 22% after a December meeting, expected to generate about 1 trillion rubles ($12.3 billion).
Russia's GDP growth slowed to 0.1% in November.
He aims to restore growth while keeping inflation at 4% to 5% by late 2026.
Separately, the United States plans to tap Venezuelan oil, potentially affecting Russian revenue.

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Story summary

Vladimir Putin, the president of Russia, ordered a tax increase, raising the consumption tax from 20% to 22% after a December meeting, expected to generate about 1 trillion rubles ($12.3 billion).
Russia's GDP growth slowed to 0.1% in November.
He aims to restore growth while keeping inflation at 4% to 5% by late 2026.
Separately, the United States plans to tap Venezuelan oil, potentially affecting Russian revenue.