Russian finance ministry seeks to hike oil and gas taxes

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MOSCOW (Reuters) - 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.

The finance ministry also seeks to increase oil industry taxation by keeping the so-called damping fuel tax mechanism and changes to a mineral extraction tax for crude oil, Siluanov said.

The government expects the budget deficit to reach 2% of gross domestic product (GDP) next year and 0.7% in 2025.

RIA news agency said finance ministry expects this year budget deficit at 0.9% of GDP, or 1.3 trillion roubles ($22 billion).

Siluanov said the government plans to focus on domestic borrowings to plug the budget gap.

According to a document seen by RIA news agency, the ministry plans to borrow 1.7 trillion roubles ($28.7 billion) in 2023, 1.9 trillion roubles in 2024 and 2 trillion roubles in 2025.

($1 = 59.2500 roubles)