Given the expected gaps in the state budget, Russia is now considering higher taxes on oil and gas. Higher export tariffs on pipeline gas exports and taxes on liquefied natural gas are imminent, Finance Minister Anton Siluanov said Thursday at a government meeting broadcast on Russian television.
The introduction of export duties for fertilizers and coal is also conceivable. Moscow is especially considering raising excise taxes on gas exports by up to 50 percent, as previously reported by Kommersant newspaper, citing people familiar with the considerations. There are talks of increases of three trillion rubles (about 50 billion euros).
Western sanctions weigh on the budget
The Ministry of Finance expects a budget deficit of 1.2 percent of gross domestic product (GDP) this year and 1.1 percent of economic power in 2023. The reason for this is the expenditure on the invasion of Ukraine, which Russia describes as a special military operation. The extensive sanctions imposed by the West are also putting pressure on the budget.
Source: Krone
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