Updated

Russia's Finance Ministry unveiled its 2027 budget draft featuring fresh tax hikes to fund the war deficit, weeks after the Kremlin denied discussing further increases. An economist estimated that applying progressive income tax to passive income from deposits, dividends and property sales could raise an additional 500-700 billion rubles annually. Separately, Russia's Economic Development Ministry forecast average household utility rates will rise 11% in July 2027, higher than the 8.7% increase previously projected, reflecting mounting fiscal pressure from the war.