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Sheremet on the Mobilization of the Russian Economy for the Needs of War
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“The Russian government has announced plans to raise the value added tax rate from 20 to 22%, backing away from President Putin's promises as the war against Ukraine drags on the economy,” writes the Financial Times. The Ministry of Finance justified this move by saying that the funds will be used primarily to cover Russia's growing defense and security expenditures (war, to call things by their names, — P.S.), as well as to support veterans and…
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