Russia may increase the mineral extraction tax levied on oil by 5%, Finance Minister Anton Siluanov told reporters Wednesday.

The mineral extraction tax, or MET, is one of two main taxes paid by oil producers in Russia. The other is export duty.

Mr. Siluanov said earlier this week that the MET could be increased faster than planned in order to subsidize falling revenue to funds set aside for road building.

The finance ministry's proposal of a 5% increase needs to be discussed and approved by the government, Mr. Siluanov said Wednesday.

Russia's federal budget relies on oil and gas for around 50% of its revenue.

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