- Russia’s economic outlook is worsening due to stricter US sanctions and a proposed VAT increase from 20% to 22%.
- The VAT hike aims to fund Russia’s military actions in Ukraine, but is adding pressure to businesses already struggling with sanctions and a weak ruble.
- US sanctions now target Russia’s two largest oil companies, and the US is urging China to stop buying Russian oil.
- Russian business owners are downsizing or closing due to rising costs and economic uncertainty.
- The IMF has downgraded Russia’s 2025 GDP growth forecast to 0.6%.
Source: www3.nhk.or.jp
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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