Russia hikes gas tax 25% in revenue-boosting move

CNBC reports Putin has approved plans to raise gas and diesel taxes in Russia by nearly 25 percent. A Russian government report says the tax increase will cause gas prices to rise by 6.5 to 7 percent. The tax hike is expected to raise $1.1 billion this year, but it will come nowhere close to eliminating Russia’s projected budget deficit of about $40 billion.


Read original source.