Russia has unveiled a windfall tax on big companies to raise an estimated Rbs300bn ($3.6bn) from its oligarchs, as the war in Ukraine continues to stretch the Kremlin’s finances.
The proposed levy, outlined in a draft bill introduced on Tuesday, will require Russian groups making profits of more than Rbs1bn a year since 2021 to pay a one-off tax worth up to 10 per cent of the gains.
One senior cabinet official claimed the idea for the levy had come from the companies themselves, who realised they had made “gigantic” profits during the period that needed to be properly taxed.
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