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An uptick in flows may spur competition, hurting prices and undermining refining margins.The finance ministry expects a budget deficit of 1.2 per cent of GDP this year and 1.1 per cent of GDP in 2023 amid spending for what Moscow calls a ‘special military operation’ in Ukraine and sweeping Western sanctions. The ministry has also proposed hiking the oil export duty and increasing state revenue from the oil products trade. 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 measures, which also include a possible rise in the oil exports duty in 2023 by 50 per cent , will be considered at a government meeting later.
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First Published: Tue, September 20 2022. 22:25 IST