Russia to channel oil profits into gold, foreign currency reserves

Russia’s Finance Ministry plans to purchase foreign currency and gold worth 208.2 billion rubles ($2.69 billion) under the fiscal rule between June 5 and July 6, the ministry’s press service said.

The daily volume of operations will amount to 9.9 billion rubles ($127.7 million), officials noted. According to projections, additional oil and gas revenues for the federal budget in June 2026 are expected to reach 220.2 billion rubles ($2.84 billion).

In May, actual additional revenues from oil and gas trade were 12 billion rubles ($154.8 million) lower than forecast, the ministry said. From May 8 to June 4, the Finance Ministry purchased foreign currency and gold worth 110.3 billion rubles ($1.42 billion).

The fiscal rule allows for the redistribution of revenues from oil and gas exports. All income exceeding the established oil price cutoff of $59 per barrel is directed toward the purchase of foreign currency and gold for the National Wealth Fund (NWF).

In March and April 2026, the ministry did not carry out such operations due to planned changes in the oil price cutoff. Since May 8, it has resumed purchasing foreign currency and gold under the fiscal rule.

Currently 1 Russian ruble is approximately equal to $0.0129.

By Vafa Guliyeva