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Russia is considering raising taxes on the oil and gas sector to the tune of 3 trillion roubles ($50 billion) in 2023-2025 in order to plug the budget gap, the Kommersant daily said on Tuesday, citing sources familiar with the discussions.

The finance ministry declined to comment.

The ministry expects a budget deficit of 1.2% of gross domestic product (GDP) this year and 1.1% of GDP in 2023 amid spending for what Moscow calls a “special military operation” in Ukraine and sweeping Western sanctions.

The government wants, in particular, to raise the export duty on gas to up to 50%, start levying a duty on liquefied natural gas (LNG) and raise domestic gas prices so that companies pay more in minerals extraction tax, the paper said.

The finance ministry has also proposed hiking the oil export duty and increasing state revenue from the oil products trade.

US oil may retest resistance at $86.76

The newspaper said the finance ministry seeks to raise some 1.4 trillion roubles in 2023 alone by hiking export duties and mineral extraction tax on commodities.

The newspaper said the measures, which also include a possible rise in the oil exports duty in 2023 by 50%, will be considered at a government meeting later on Tuesday.

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