OREANDA-NEWS The increased tax on banks' excess profits will have negative economic consequences. This was stated by economist Andrey Barkhota. He was quoted by 360.

According to him, if the industry situation worsens, banks will start accumulating huge loan reserves and all accumulated capital will be used for redundancy. This means that if more money is withdrawn from the banking sector, there is a risk that banks will have to be recapitalized in the future. Barkhota did not rule out that in a few months the banks may not have increased revenues.

In this regard, he drew attention to the fact that VAT will be introduced for banks in 2026.

"All this will fall on the consumer. Banks will start issuing more expensive loans with lower approval levels to compensate for losses. All this is projected onto the consumer, who will become the main payer of these initiatives," stated Barkhota.

Earlier, some deputies of the State Duma appealed to Russian Prime Minister Mikhail Mishustin with an initiative to impose an increased tax on Russian banks' excess profits. We are talking about a tax of 20 percent of their excess profits (exceeding the arithmetic mean of profits) for the period from 2021 to 2024. The authors of this proposal noted that the high profitability of banks is accompanied by an increase in the debt burden of the population, limited access of citizens and industrial enterprises to loans due to excessive interest rates.