Russian finance ministry seeks to hike oil and gas taxes

A new Russian draft budget will aim to draw in more funds from oil and gas producers while commodity prices are high, Finance Minister Anton Siluanov said on Thursday, as part of efforts by the government to tackle its budget deficit. Kommersant daily said on Tuesday, citing sources familiar with the discussions, that Russia was considering raising taxes on the oil and gas sector to the tune of 3 trillion roubles ($50 billion) in 2023-2025. Siluanov told a televised government meeting the main proposals for the new budget were an increase in export duty for pipeline gas exports, taxes on liquefied natural gas, and the introduction of export duty for fertilizers and coal.