Russia is reportedly weighing a $50 billion tax hike on oil and gas exports as its resilience to sanctions fades

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Sept 21, 2022

Russia's finance ministry is considering plans to raise taxes on energy exports, Kommersant reported.

The tax hike proposals could bolster the government's budget by around $50 billion.

The Kremlin is weighing up plans to hike oil and gas taxes in a bid to bolster next year's federal budget, according to a report, as western sanctions appear to be taking a heavier toll on Russia's economy.

When Russia converts its energy revenues back into rubles, a high exchange rate means it's losing money.

Russia's Ministry of Finance did not immediately respond to Insider's request for comment.

News of potential tax hikes comes as experts say that Russia's isolation from global markets is starting to damage its economy.