Russia Busts $13 Billion VAT Fraud Ring

Russian authorities have dismantled a large-scale value-added tax (VAT) fraud operation, reportedly costing the state budget approximately 1 trillion rubles, equivalent to $13.3 billion. The Federal Security Service announced the successful bust of the crime ring, which had been engaged in tax fraud over a three-year period. This significant financial crime highlights challenges in tax collection and enforcement within the Russian Federation.