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Finance Ministry Ready To Resume FX Interventions In September: Vedomosti

RUSSIA

The Russian Ministry of Finance is ready to resume FX interventions using surplus revenue from oil and gas exports as soon as this September, Vedomosti reports.

  • The Ministry could "start buying foreign currency for extra oil and gas profits in the near future - as soon as the new budget rule is approved (...) the mechanism must be agreed upon before the draft budget is submitted to the State Duma - this year the government must do this before October 1."
  • Sources told Vedomosti that the new budget rule has already been brought to the President and awaits his decision. Note that the budget rule diverting surplus revenue from oil and gas exports to the national rainy-day fund was suspended amid Western sanctions over Russia's invasion of Ukraine.
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