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~RUB1tn In Excess 2023 Oil & Gas Revenue Could Be Used For FX Interventions

RUSSIA

Russia's Ministry of Finance may allocate nearly RUB1tn for FX purchases next year, Vedomosti newspaper reports citing the draft Guidelines for the Budget, Tax and Customs Policy.

  • The document suggests that the Ministry of Finance sees extra 2023 oil and gas revenue at RUB939bn, with a government source noting that the full amount could theoretically be used to buy foreign currencies and weaken the rouble as part of the soon-to-be reinstated budget rule.
  • "The budget is formed on the basis of new parameters of the budget rule, which will be enshrined in law, so there is an opportunity [to resume interventions], including during the transition period," said Vedomosti source.
  • The source noted that it was unlikely that the authorities would use the entirety of excess oil and gas profits for FX interventions.
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