According to the law “On the Federal Budget for 2025 and the Planning Period of 2026 and 2027,” signed by Putin, a beneficial devaluation of the ruble is planned for Russia. Is it time to confidently short the market?

Starting in 2025, to make ends meet, Russian authorities are launching the largest tax reform in decades: a progressive personal income tax (PIT) scale will be introduced, and corporate profit taxes will increase.

Additionally, the devaluation* of the ruble will help the government balance the budget.

Devaluation* refers to the reduction in the exchange rate of a national currency relative to hard currencies within fixed exchange rate systems, as determined by monetary authorities.

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