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The Russian Ministry of Finance wants to increase the tax on gas and oil

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News Tech: According to Finance Minister Anton Siluanov on Thursday, a new Russian draught budget would seek to collect more money from oil and gas producers while commodity prices are high in an effort to reduce the country’s budget deficit.

Without providing any details, the administration announced on Thursday that it had adopted a measure covering the budgets for 2023 and the years 2024–2025. The president must sign the law once it has been discussed in parliament.

According to people acquainted with the discussions, the Kommersant daily reported on Tuesday that Russia was considering raising taxes on the oil and gas industry by 3 trillion roubles ($50 billion) between 2023 and 2025.

The key suggestions for the new budget, according to Siluanov, were a rise in the export duty for pipeline gas exports, taxes on liquefied natural gas, and the introduction of export duties for coal and fertilisers.

The central bank would consider the anticipated growth in the deficit when determining monetary policy, according to Olga Belenkaya of the Finam brokerage.

She cited a mobilisation in Russia to bolster its forces fighting in what it calls a “special military operation” in Ukraine as well as referendums on joining Russia being held in Russian-controlled territories in saying that “even the budget parameters that are being discussed could be exposed to a worsening geopolitical background.” To close the budget shortfall, the administration, according to Siluanov, intended to concentrate on domestic borrowing.

The ministry intends to borrow 1.7 trillion roubles ($28.7 billion) in 2023, 1.9 trillion roubles in 2024, and 2 trillion roubles in 2025, according to a document seen by RIA news agency. (1 USD = 59.2500 RUB)

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