Russia plans higher taxes for rich, companies as cost of Ukraine war mounts

New tax thresholds and hike in corporation tax are expected to raise about 2.6 trillion rubles ($29bn) a year.

Russia has announced plans to raise taxes on businesses and the wealthy as it scrambles for additional revenue to fund its invasion of Ukraine.

Government spending has exceeded revenue by tens of billions of dollars since Moscow ordered its troops into Ukraine in February 2022 as sanctions have cut off lucrative energy sales to Europe.

The Ministry of Finance proposed on Tuesday new…