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

As western sanctions appear to be taking a heavier toll on Russia's economy, the Kremlin is considering raising oil and gas taxes, according to a report.

According to the sources cited by the newspaper, the new tax would raise around 50 billion dollars.

Russia's government wants to impose a new tax on natural gas exports and raise export duties to 50%, according to a report.

According to reports, the finance ministry wants to raise taxes on oil exports.

Experts say that Russia's isolation from global markets is damaging its economy.

Germany hit its winter storage targets two months early as it tries to wean itself off of Russian fuel, while the US and European Union imposed embargoes on Russian oil.

Around 45% of Russia's federal budget is spent on oil and gas exports.

Since the war in Ukraine broke out, the finance ministry has stopped publishing monthly reports, but documents show it has lost billions of dollars because of western sanctions.

The fact that they're not publishing a lot of economic data indicates that they know there are costs, but they would like to hide them, according to an economist. The invasion of the Ukraine on the Russian economy is being obscured by all of that.

The ruble's appreciation against the US dollar has caused revenue from oil and gas exports to fall.

A strong ruble makes it harder for Russia to make money from oil and gas exports because they are worth less in ruble than in dollars. Russia loses money when the exchange rate is high.

Russia's Ministry of Finance didn't reply immediately.