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With Russia's invasion of Ukraine intensifying the strain on state finances, President Vladimir Putin is reaching for cash to fund his government and the war, squeezing tax revenue from an economy that's increasingly skewed toward the military - while civilian needs take a back seat. The country's 2027-2029 state budget, which will be taken up Thursday in the rubber-stamp parliament, is accompanied by a string of tax hikes announced after the September parliamentary elections. While last year the Kremlin went for a broad tax increase, raising value-added taxes at the cash register and making more small businesses pay VAT, this cash grab hits a narrower segment: mining companies and better-off citizens with investment income, property sales and bank accounts. The budget deficit this year has swelled beyond forecasts due to lavish military spending and tepid economic growth amid sanctions, high interest rates for non-military companies, labour shortages and Ukrainian strikes on oil ..
Union Petroleum Minister Hardeep Singh Puri on Tuesday denied that India was under any pressure to stop buying Russian oil. Indian refiners would purchase crude from suppliers offering the most competitive prices as the country prioritises energy security amid global market uncertainties, he said. India was not particularly buying Russian oil at present, but the decisions in this regard were guided by commercial considerations rather than pressure from any country, he added. "I have never any felt pressure," Puri said during an interaction at the 29th Energy Technology and Innovation Meet which began here on Tuesday. "At the point of negotiation, whoever is supplying a particular grade, we will buy from them. Prices come down sometimes," he said. The minister's remarks come amid international scrutiny of India's purchases of Russian crude, and Western efforts to curb Moscow's oil revenues following Russia's invasion of Ukraine. Referring to the restrictions imposed on two Russia
A bipartisan group of US lawmakers has warned American banks, port authorities and fuel distributors that importing Russian diesel could invite legal action and congressional investigations. In letters to the heads of major financial institutions, ports and fuel distributors, the lawmakers said companies facilitating imports in violation of US law could face criminal and civil liability. The letters came amid reports that shipments of Russian diesel were headed to American shores after President Donald Trump earlier this month granted a waiver allowing Moscow to supply diesel to global markets, including the US. The lawmakers cited Section 2 of the Ending Importation of Russian Oil Act of 2022, which generally prohibits the importation of Russian-origin energy products, including diesel fuel. Such imports are allowed only after the President certifies to Congress that Russia has ceased all military hostilities in Ukraine and that it poses no immediate threat to NATO members. The .
Ukrainian attacks set an oil export terminal ablaze in St. Petersburg on Sunday, as Kyiv launched more than 1,000 drones across Russia in one of its largest ever aerial bombardments. The attack comes amid deepening tensions between Ukraine and Washington, with U.S. President Donald Trump criticizing Kyiv for its strikes on Russian oil infrastructure. One person was killed and five more were wounded in the attack, which sparked fires at both the Petersburg Oil Terminal and the city's Ruchi oil depot, said local Gov. Alexander Beglov. A logistics center belonging to Russian retailer Ozon and a data center for local tech giant VK were also targeted, both companies confirmed. Russia's Ministry of Defense said Sunday that its forces had destroyed 1,015 Ukrainian drones over 15 Russian regions, as well as the annexed Ukrainian peninsula of Crimea and the Black Sea. Meanwhile, a woman died and at least two other people were wounded, including a 6-year-old girl, after Russia launched two .
Facing intense criticism, US President Donald Trump said he had taken a "good decision" to exempt Russia from sweeping sanctions under a new law and asserted that many did not know what it actually meant. "A lot of you don't know what my decision is yet, but we'll figure it out, and you'll figure it out," Trump told reporters at the Mar-a-Lago resort in Miami on Saturday evening. "It's a very good decision, and it's going to be a decision that's good for the country, and I think good for the world because we're really at a world stage," Trump said. On Friday, Trump signed an executive order exempting Russia from a new sanctions measure Graham Act that the US Congress passed last month. The executive order also granted a waiver from 100 per cent tariffs on the top five purchasers of Russian oil and gas, including China and India. The order states that the waivers shall remain in effect until such time as the President or the Secretary of State, in consultation with the Secretary
US President Donald Trump wants to take a 60-day period to analyse what imposing sanctions on Russia and tariffs on other countries would mean for the global economy, Secretary of State Marco Rubio said here. Rubio was responding to questions on Saturday evening ahead of his departure for a week-long tour of Uzbekistan and India. "I think the president wants to take the 60-day period of time to sort of analyse what imposing both sanctions and tariffs will mean to the global economy, and even to the US economy," Rubio said in response to a question on the waivers granted by Trump under the Sanctioning Russia and Iran Act or the Graham Act. On Friday, Trump waived key provisions of the Graham Act that authorised punitive tariffs on countries purchasing Russian oil, offering relief to India. The executive order signed by Trump on Friday states that the waivers shall remain in effect until such time as the President or the Secretary of State, in consultation with the Secretary of the .