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From bakeries to beauty shops, Russian businesses are feeling the pain from a new wartime tax policy
Denis Maksimov’s bakery in suburban Moscow became famous overnight after he appeared on President Vladimir Putin’s annual call-in show in December.
From bakeries to beauty shops, Russian businesses are feeling the pain from a new wartime tax policy
Denis Maksimov’s bakery in suburban Moscow became famous overnight after he appeared on President Vladimir Putin’s annual call-in show in December. Standing in front of the bakery — called Mashenka, after his oldest daughter -– he pleaded with Putin via video to look into new tax reforms that are significantly increasing the burden on small businesses like his. As Putin's full-scale invasion of Ukraine marks four years, the mounting pressure on Russia’s economy is starting to show.
To protest rising taxes, Russia’s small businesses take their ‘flash mobs’ online
With the costs of the war in Ukraine growing, the Kremlin has been raising taxes on and rolling back exemptions for Russian small businesses.