The Kremlin announced on Wednesday that it cannot confirm the report according to which the Russian Ministry of Energy presented a proposal to nationalize the energy sector, Reuters reports.

Moscow authorities have repeatedly said they do not intend to nationalize large companies, including gas and oil producers.

On Tuesday, on a Telegram channel called EJ, Energy Minister Sergei Tsivilev said, citing sources who wished to remain anonymous, that he had suggested to President Vladimir Putin that the energy sector – a key supplier of cash for the state – be nationalized , according to Agerpres.

“No, I can’t confirm that. I have nothing to say about it,” Kremlin spokesman Dmitry Peskov said when asked about the information on Telegram.

According to the draft budget for next year, published on Monday, Russia’s revenues from oil and gas to the state budget would decrease between 2025 and 2027, due to lower prices of raw materials and fiscal changes.

According to the document, Russia’s oil and gas industry would contribute 10.9 trillion rubles ($117.3 billion) to the budget next year, or 5.1% of GDP, from an estimated level of 11.3 trillion this year of rubles.