The proposal to increase VAT and eliminate tax incentives by the Russian government will reduce the profits of the banking sector by up to 9%.

The Russian government proposes increasing the VAT by 2 percentage points and eliminating tax benefits, affecting the banking sector, which could lose 3.4 billion dollars by 2026. Banks, especially Sberbank, anticipate declines in profitability due to these measures, in the context of a slowing economy and high military spending. Economists warn that the VAT increase will fuel inflation, affecting consumers' purchasing power.