FT: Western banks handed €800mn to Kremlin in taxes in 2023 despite promises to exit
Top European banks in Russia paid the Kremlin more than €800mn in taxes last year, four times more than before the all-out war, FT finds.
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Russian economy
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74% of Ukrainian employers experience a workforce shortage
The problems in Ukrainian labor market were exacerbated by migration and mobilization.
UK intel: Russia boosts military output in 2023, will have materiel edge over Ukraine in 2024
In 2023, Russia's defense industry boosted output, employing 3.5 million workers and refurbishing existing stocks. Artillery munition production surged, but may peak in 2024 due to capacity limits, still offering a likely material advantage over Ukraine for the year, per UK intelligence.
Russian fuel purchased by the EU brought Putin EUR 1.1 billion in direct tax revenues last year — report
The fuel entered the EU through Turkish and Indian refineries due to a loophole in sanctions.
UK intel: Russia may lean more on debt and taxes amid 2024 budget pressures
Russia's 2024 budget relies on optimistic 22% revenue growth to fund 26% higher expenditure, but projected oil and gas revenue gains may fall short, with government having to weigh measures like less National Wealth Fund contributions or more taxes and debt, per UK intelligence.
Bloomberg: War with Ukraine sparks labor shortage in Russia
Russia’s invasion of Ukraine has aggravated a labor shortage that poses a challenge to its military and economic objectives, as workers seek higher pay and more options in a tight market.
UK intel: Wartime policies magnify Russia’s chronic underinvestment in public works
Heating systems are failing across Russia, leaving residents in sub-zero distress, as years of military prioritization over infrastructure combine with wartime strains on budgets and workforces, per UK intelligence.
US Treasury: Russia’s economy under “considerable strain” due to its war in Ukraine
Russia's GDP would be more than 5% bigger if it had not invaded Ukraine as the country's defense spending surpassed one-third of its 2023 budget, US Treasury department finds.
UK intel: Defense spending drives inflation surge in Russia
Russia's economy faces heightened inflation, mainly due to surges in defense spending, challenging economic stability amid its war in Ukraine. The Central Bank's policies and the risk of an overheating economy present additional complexities in managing the situation, as per UK intelligence.
British intel: 2024 Russian defense spending to jump 68% to USD 112 bn
As per British intel, apparently leaked Russian finance documents suggest the country's 2024 defense budget will jump to about $112 billion, around 6% of GDP and a 68% increase, as the country prepares for extended fighting.
British intel: Russia faces workforce shortages as military conscription goals rise
The Russian military's recruitment drive is adding pressure on a beleaguered industry workforce. Special exemptions in the IT sector underline the urgency of the problem, according to British intelligence.
Ukraine spy chief: Russia has no resources to continue war, save for human ones
Russia has no resources, except for human resource, to wage a protracted war, according to the Ukrainian top intelligence general.
US, German companies lead in tax payments to Russian budget – report
Almost a quarter of all profit tax paid in 2022 was contributed by companies headquartered in G7 nations,…
Russia’s military budget increases to 4.4% of GDP in 2023 with true military expenditure uncertain – British intel
Referring to the Stockholm International Peace Research Institute's report, the British Defense Ministry says Russia's military budget 2023…
Russia’s shift towards mandating sacrifices in war effort echoes Soviet-style compulsion – UK intel
In its latest intelligence update on Ukraine, the British Defense Ministry says Russia's public debate takes a coercive…
Kremlin reportedly spent USD 38.7 billion in 2023 likely to fund its war effort – ISW
The Kremlin reportedly spent 3.1 trillion rubles (approximately $38.7 billion) in an undisclosed section of the Russian budget…
Ukraine Amb to Ireland calls for Jameson whiskey boycott over Russian trade
Ukraine's Ambassador to Ireland, Larysa Gerasko, has called for a boycott of Jameson whiskey due to the company's…
Russia seeks external financial support for its war against Ukraine through sovereign debt issuance – UK intel
In its latest intelligence update, the British Ministry of Defense says Russia's plan to issue sovereign debt in…
Russia’s assets accumulation abroad hit records due to Europe’s delay with targeting Russia’s energy sector —Bloomberg
Russia built $80 billion offshore cash pile in year of sanctions, Bloomberg writes. Record current-account surplus provided lifeline…
French retailer Auchan doubles down its presence in Russia
French retailer Auchan plans to open a new store in Russia selling almost exclusively private label products, doubling…