Russia's Finance Ministry to raise currency, gold purchases fivefold from Oct. 7
In short
Russia's Finance Ministry said it will spend 279.42 billion rubles buying foreign currency and gold under the budget rule between Oct. 7 and Nov. 6, a daily equivalent of 12.7 billion rubles. That is more than five times the 55.6 billion rubles, or 2.5 billion a day, planned for Sept. 7 – Oct. 6. The ruble weakened after the announcement, with RBC and Interfax reporting a faster decline against the yuan on the Moscow Exchange.
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Russia's Finance Ministry said it will direct 279.42 billion rubles to buying foreign currency and gold under the budget rule between Oct. 7 and Nov. 6, a daily equivalent of 12.7 billion rubles, according to TASS, Interfax, Vedomosti and Kommersant. The ministry's previous period, Sept. 7 to Oct. 6, involved 55.6 billion rubles, or 2.5 billion rubles a day, so the new purchases are more than five times larger. RBC described the daily volume as the largest since November 2023. [ 1 , 2 , 3 , 4 , 7 ]
The ministry expects additional oil and gas revenues of 289.46 billion rubles in October, Interfax, Vedomosti and Kommersant reported. The deviation of actually received oil and gas revenues from the expected monthly volume and from the base monthly volume estimate at the end of September came to -10.04 billion rubles, according to Vedomosti and Kommersant; Interfax reported the same figure as 10.04 billion rubles. [ 3 , 4 , 7 ]
Interfax reported that the Bank of Russia adjusts the announced volume by daily sales of 0.58 billion rubles, meaning the central bank will buy the equivalent of 12.12 billion rubles a day from Oct. 7 to Nov. 6, up from 1.92 billion rubles a day in the previous period. No other outlet in the documents gave the central bank's adjusted figure. [ 3 ]
The ruble weakened after the announcement. RBC said the ruble fell on the ministry's plans to increase currency purchases in October, and Interfax said the ruble's decline against the yuan on the Moscow Exchange accelerated on the news. Neither outlet gave a specific exchange-rate level. [ 5 , 6 ]
Kommersant set out the mechanism behind the operations: the budget rule allows revenues from oil and gas exports to be redistributed, with all income above a $59-per-barrel cutoff price for oil going to buy foreign currency and gold for the National Wealth Fund, and with the ministry selling such assets when oil and gas revenues fall short. A rise in the announced purchase volume therefore means larger transfers into those National Wealth Fund instruments rather than direct financing of spending, the newspaper said. Kommersant added that such operations create additional demand for currency, which primarily affects the ruble, citing an unnamed analyst who said a specific operation's influence depends on its size relative to total trading turnover; in another episode, a change in the direction of the ministry's operations had a mainly psychological effect when the deal was small relative to the market. [ 7 ]
Interfax and Vedomosti reported that the ministry has bought currency on the domestic market under the budget rule since resuming operations on May 8, 2026, after a two-month break. It conducted no operations in March and April, saying planned changes to the base oil price parameter were the reason. Interfax reported daily purchase volumes of 5.8 billion rubles at the resumption, 9.9 billion rubles from June 5, 5.4 billion rubles from July 7 and 6.5 billion rubles from Aug. 7; Vedomosti said the August increase to 6.5 billion rubles a day was a 20% rise. In January and February the ministry sold currency and gold, for 192.1 billion rubles and 226.8 billion rubles respectively, according to both outlets, with Interfax noting the January daily sales of 12.8 billion rubles were a record. [ 3 , 4 ]
Why it matters
The operations channel oil and gas revenues into the National Wealth Fund and create extra demand for currency, which Kommersant said weighs on the ruble and adds to market unpredictability. The scale of the increase is the largest in daily terms since November 2023, according to RBC, making it a visible signal for Russia's currency market and for the budget rule's role in absorbing energy revenue swings.
Key facts
- The Finance Ministry plans to buy foreign currency and gold worth 279.42 billion rubles under the budget rule from Oct. 7 to Nov. 6. [ 1 , 3 , 4 , 7 ]
- The daily volume of operations will be the equivalent of 12.7 billion rubles. [ 2 , 3 , 4 , 7 ]
- The previous period, Sept. 7 to Oct. 6, involved 55.6 billion rubles, or 2.5 billion rubles a day — so the purchases rise more than fivefold. [ 2 , 3 , 4 , 7 ]
- The ministry expects additional oil and gas budget revenues of 289.46 billion rubles in October. [ 3 , 4 , 7 ]
- Interfax reported that the Bank of Russia adjusts the announced volume by daily sales of 0.58 billion rubles, putting its own purchases at 12.12 billion rubles a day from Oct. 7 to Nov. 6, up from 1.92 billion in the previous period. [ 3 ]
- Kommersant reported that the budget rule sends oil and gas revenues above a $59-per-barrel cutoff price into purchases of foreign currency and gold for the National Wealth Fund, and that the ministry sells such assets when revenues fall short. [ 7 ]
- The ruble fell after the announcement, with its decline against the yuan on the Moscow Exchange accelerating, according to RBC and Interfax. [ 5 , 6 ]
- The ministry resumed budget-rule operations on May 8, 2026 after a two-month pause, having conducted none in March and April because of planned changes to the base oil price parameter. [ 3 , 4 ]
Confirmed by several sources
- The Finance Ministry will buy foreign currency and gold worth 279.42 billion rubles from Oct. 7 to Nov. 6, at a daily equivalent of 12.7 billion rubles. [ 1 , 3 , 4 , 7 ]
- The new daily volume is more than five times the 2.5 billion rubles a day of the Sept. 7 – Oct. 6 period, which totalled 55.6 billion rubles. [ 2 , 3 , 4 , 7 ]
- The ministry expects additional oil and gas revenues of 289.46 billion rubles in October. [ 3 , 4 , 7 ]
- The ruble weakened after the announcement of the larger purchases. [ 5 , 6 ]
- The ministry resumed budget-rule currency operations in May 2026 after not conducting them in March and April. [ 3 , 4 ]
Still unclear
- Whether the September deviation in oil and gas revenues was 10.04 billion rubles or minus 10.04 billion rubles. Interfax gives the figure as 10.04 billion rubles without a sign, while Vedomosti and Kommersant both report it as -10.04 billion rubles.
- How much the increased purchases will actually move the ruble. Kommersant cites an unnamed analyst saying the effect depends on the operation's size relative to total trading turnover, and that in a previous episode a change in the direction of operations had a mainly psychological effect when the deal was small relative to the market.
- The Bank of Russia's own daily purchase volume of 12.12 billion rubles from Oct. 7 to Nov. 6. Only Interfax reported this figure, derived from the ministry's volume and the central bank's stated daily sales adjustment.
- What the daily purchase volumes were in January and February, when the ministry sold currency and gold. Interfax's article text is truncated at the point where it lists the February figure.
What local media are saying
Timeline, local time
- TASS reports that the Finance Ministry will direct 279.42 billion rubles to currency and gold purchases from Oct. 7 to Nov. 6. [ 1 ]
- RBC reports the ministry will increase purchases fivefold, to 12.7 billion rubles a day, the largest volume of such deals since November 2023. [ 2 ]
- Interfax reports the daily volume of 12.7 billion rubles, the September oil and gas revenue deviation of 10.04 billion rubles and the central bank's adjusted purchase figure. [ 3 ]
- Vedomosti reports the 279.42 billion ruble figure and the expected October additional oil and gas revenues of 289.46 billion rubles. [ 4 ]
- RBC reports the ruble fell on the ministry's plans to increase currency purchases in October. [ 5 ]
- Interfax reports the ruble's decline against the yuan on the Moscow Exchange accelerated after the news. [ 6 ]
- Kommersant reports the fivefold increase and sets out how the budget rule channels oil and gas revenues into currency and gold purchases. [ 7 ]
- RIA Novosti reports the volume of funds allocated for currency purchases from Oct. 7 to Nov. 6. [ 8 ]