From bakeries to beauty shops, Russian businesses are feeling the pain
ABC News
As Moscow’s full-scale invasion of Ukraine marks four years, the pressure on Russia’s economy is starting to show
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.
“We understand very well that it’s not an easy situation for the country. We understand that raising taxes is necessary,” Maksimov said. “We’re looking ahead without optimism, frankly speaking. Many (businesses) will close down.”
As Putin's full-scale invasion of Ukraine marks four years, the mounting pressure on Russia’s economy is starting to show. Oil revenues are dwindling, the budget deficit is up, and military spending that fueled robust growth has leveled off.
The Kremlin is now tapping consumers and small businesses for funds. The value-added tax has been raised by 2% and revenue thresholds for requiring businesses to pay it have been lowered drastically.
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