TREE NEWS update: Russia’s Finance Ministry will increase its foreign currency and gold purchases to five times September’s volume between October 7 and November 6, allocating 279.42 billion rubles, or about 12.7 billion rubles per day. The purchases are conducted under the budget rule and are intended to channel additional oil and gas revenue into the National Wealth Fund.
Russia to quintuple FX and gold purchases from Oct 7 to Nov 6
The scale of the increase matters more than the headline: quintupling daily FX and gold purchases under the budget rule signals the Finance Ministry expects materially higher oil and gas revenue, and it is choosing to sterilise that windfall into the National Wealth Fund rather than let it flow into the domestic economy. For ruble markets, the mechanical effect is heavier conversion demand, which sits alongside the broader question of whether the budget rule's FX operations remain a reliable buffer or a growing constraint. Whether the accelerated pace is sustained beyond this window is the open question.
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