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Putin Increases Consumption Tax to Boost Economic Growth

1/12/2026

26 3 Full Breakdown

Summary

Story summary

Vladimir Putin, the Russian President, ordered raising consumption taxes from 20% to 22% after a December meeting.
The measure is expected to generate about 1 trillion rubles ($12.3 billion).
Russia's GDP growth slowed to 0.1% in November.
Putin aims to restore growth while managing inflation, targeting 4% to 5% by end-2026.
Global oil market dynamics, including a possible revival of Venezuelan oil, may affect Russia's economy.

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Story summary

Vladimir Putin, the Russian President, ordered raising consumption taxes from 20% to 22% after a December meeting.
The measure is expected to generate about 1 trillion rubles ($12.3 billion).
Russia's GDP growth slowed to 0.1% in November.
Putin aims to restore growth while managing inflation, targeting 4% to 5% by end-2026.
Global oil market dynamics, including a possible revival of Venezuelan oil, may affect Russia's economy.