Russian lawmakers approve tax hike bill to boost economy as the war with Ukraine nears 4 years

Russian lawmakers endorsed new tax hikes on Tuesday as Moscow looks for new revenue sources to boost its economy during its nearly four-year .

Legislators in the lower house of parliament, the State Duma, approved the key second reading of a bill that will raise value-added tax from 20% to 22%. The changes are expected to add as much as 1 trillion rubles (about $12.3 billion) to the state budget.