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Russia reports revenue growth despite sanctions | News

Russian President Vladimir Putin declared Thursday that the country’s oil and gas revenues have increased, despite the context of the illegal economic sanctions that the West imposes on the nation.

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In a meeting held with the head of the Federal Tax Service, Daniil Yegorov, the Russian president pointed out that other income not related to these items also showed an increase of up to 24 percent.

“All this shows that economic indicators have stabilized, at least for now. We understand the risks and challenges that we may face in the medium term: they are still there, and we know it,” said the Kremlin representative.

In this regard, Daniil Yegorov stressed that compared to the first half of 2021, the budget, classified as “consolidated” increased by 32 percent, which is equivalent to an increase of 4.1 trillion rubles.

“Of course, oil and gas revenues and market fluctuations played a significant role in achieving these results. However, he was right to point out that non-oil and gas revenues increased by 24 percent, which is equivalent to 2 trillion rubles, by the way,” the official said.

On income tax, Daniil Yegorov insisted that revenues are coming in at a steady rate, 14 percent more, year after year. In relation to the tax system, the official said that small businesses “will no longer have to worry about social security payments, everything will be within a single system and the banking system will deduct income tax. In this way, companies will save on tax accounting, because now we are doing it for them”.

On the other hand, this Thursday the largest Russian coal producer Suek, pointed out that the embargo on the import of Russian coal introduced by the European Union (EU) has intensified the world energy crisis.

Meanwhile, Suek noted that the EU’s rejection of Russian coal also doubled the burden on the natural gas market, especially in conditions of contracting supplies from Russia.

Disclaimer: Via Telesur – Translated by RJ983

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