Russian Finance Minister Anton Siluanov said on Thursday that Russia’s new draft budget will aim to get more funds from oil and gas producers while commodity prices are high, as part of the Government’s efforts to address its budget deficit.

The Kommersant daily said on Tuesday, citing sources familiar with the discussions, that Russia was studying the possibility of raising taxes on the oil and gas sector by up to 3 trillion rubles ($50 billion) in 2023-2025.

Siluanov told a televised government meeting that the main proposals for the new budget were an increase in export duties on gas pipeline shipments, taxes on liquefied natural gas and the introduction of export duties on fertilizers and coal . .

The Finance Ministry also intends to increase the taxation of the oil industry by maintaining the so-called fuel tax buffer mechanism and changes in the 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.

The RIA news agency said the Finance Ministry expects this year’s budget deficit to be 0.9% of GDP, or 1.3 trillion rubles ($22 billion).

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

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