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A Russian ‘exit tax’ on foreign companies leaving the country has netted the Kremlin $385 million since the start of 2024, already surpassing predictions for the full year, Reuters reported on March 20.
After the launch of the full-scale invasion of Ukraine, Russia saw an exodus of Western companies reluctant to contribute to the country’s economy and therefore the war effort.
While the Kremlin could do little to stop them leaving, it imposed stricter exit requirements, including approval from a special government commission, a 50% discount on sales, and an “exit tax” worth at least 10% of the sale.
The total taken so far in 2024 exceeds the Kremlin’s budget plan for the entire year by 17 times, Bloomberg reported.
Russians still enjoying American burgers and sandwiches as companies refuse to leave
After Russia invaded Ukraine in 2022, most major Western fast-food chains closed up shop, sold off assets, and exited the Russian market. This was particularly true of the highly visible food sector. Major Western food and drink chains, including McDonald’s, Domino’s Pizza, Starbucks, KFC, Pizza Hu…
Sebastian Shehadi
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