Senator Backs Tax Penalties for Russian Oligarchs, Companies (3)

Senate Finance Chairman Ron Wyden proposes blocking tax breaks to sanctioned Russian oligarchs and to U.S. companies that pay taxes to Moscow as Congress seeks new ways to punish President Vladimir Putin and his allies for the invasion of Ukraine.

“Foreign Russian oligarchs and companies supporting Putin shouldn’t be getting tax breaks in the United States,” Wyden said in a statement.

Wyden said the U.S. tax code should deny any tax breaks that businesses pay in Russia. That would alter a key feature in the tax code that allows global companies to lower their U.S. tax bill based on the ...