putin
© Sputnik/Alexander Kazakov/Kremlin via REUTERSRussian President Vladimir Putin chairs a meeting with members of the Security Council via video link at the Kremlin in Moscow, Russia August 4, 2023.
President Vladimir Putin has signed a law introducing a windfall tax on excess profits of Russian companies, which was published on a government website on Friday.

The law, passed by parliament last month, is aimed at raising 300 billion roubles and easing strain on the budget as Russia wages its war in Ukraine. Reuters reported exclusively on Friday that Russia had doubled its 2023 defence spending target to more than $100 billion, or a third of all public expenditure.


Comment: The US spends $842 billion on defence. However, as its proxy war on Russia, via its vassal Ukraine shows, it's splitting that bill with the rest of NATO, not to mention the profits its allies are forfeiting in their adherence to the failing sanctions regime.

The same seems to be true of the US war on China, as well as now on a number of pivoting African nations, whereby it intends to drag in their neighbours and trading partners into also paying for their provocations and containment agendas either directly or indirectly, .


The windfall tax rate will be 10% of the difference between firms' average profit for 2021-22 and their profit for 2018-19. Firms can get a 50% discount if they pay before Nov. 30.

There are exemptions for a series of sectors including small and medium-sized businesses and oil, gas and coal companies.