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. Last Updated: 07/27/2016

Putin Hints at Raising Tax

President Vladimir Putin on Tuesday raised the prospect of a further increase in beer taxes as part of the government's long-running campaign to curb drinking.

"Beer alcoholism is a serious problem. … We could raise beer taxes further," Putin said at a forum of pro-Kremlin youth groups. At the beginning of 2012, taxes on beer rose by 20 percent, and according to a Finance Ministry plan approved late in 2011, they will rise by a further 25 percent in 2013 and 20 percent in 2014.

Shares in Danish brewer Carlsberg, which earns nearly half its profits from the Russian market, closed down 4.98 percent Tuesday.