A tax hike was chosen in lieu of government borrowing to ease monetary policy, Anton Siluanov has said
Russia will raise value added tax (VAT) by 2% to lower the budget deficit and curb inflation, Finance Minister Anton Siluanov said in an interview with TASS published on Monday.
Earlier in the day, the Finance Ministry submitted a draft budget for 2026-2028 to the Russian parliament.
“A balanced budget will be an important factor in economic growth, as it is the basis for slowing inflation, macroeconomic stability, and the possibility of easing monetary policy,” Siluanov said.
“Increasing the standard VAT rate from 20 to 22% as an additional…
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