Russian Options Narrow as Putin Looks to Exporters' Windfall
- Government may tap exporter gains from devaluation for budget
- Putin says 2016 deficit must not exceed 3% of economic output
This article is for subscribers only.
Russian President Vladimir Putin’s promises made as recently as last year may be the latest casualty of the collapse in oil prices.
Putin instructed the government on Tuesday to study the possibility of steering into the budget some of the gains by exporters from ruble devaluation, without losing the focus on meeting all social obligations. One proposal has been to raise taxes on crude producers, the nation’s main source of revenue, a move that would break the president’s pledge to refrain from higher levies.