Russia imposes 20% windfall tax on corporate profits

The Russian government has imposed a new 20% windfall tax on corporate profits for 2025, doubling the rate from 2023. This follows a Kremlin meeting last month where oligarchs were pressured to make "voluntary" donations to support the war effort. The move comes as Russia's oil revenues have reached their highest level since June 2022, indicating the state is seeking to directly tap into corporate windfalls to fund its military operations. The tax represents a significant financial compulsion on Russian businesses amidst ongoing economic pressures from the war.