Russia will resume foreign currency and gold purchases after higher oil prices created new fiscal space for the federal budget.
The Finance Ministry said it will buy foreign currency and gold on the domestic market between May 8 and June 4. The total volume will be 110.3 billion rubles, with daily purchases of 5.8 billion rubles. Russia will conduct the currency and gold transactions under its budget rule, which links state purchases and sales to oil and gas revenue flows.
The move follows a two-month pause. The ministry did not conduct these operations in March and April because of changes to the oil price parameter used in the fiscal rule. The last period of purchases before this restart was in June 2025.
The timing matters. The oil shock has given Russia a short-term fiscal buffer. Finance Minister Anton Siluanov said on May 3 that the recent rise in oil prices would bring about 200 billion rubles, or roughly $2.7 billion, in additional revenue to the federal budget.
That changes the market signal. Russia is not only receiving more revenue from energy exports. It is also converting part of that revenue into a tool for currency and reserve management.
Higher oil prices usually create pressure for import-dependent economies. They raise energy bills, complicate inflation control and increase costs for companies and households. For major producers, the same shock can improve the budget position, at least in the short term.
For Moscow, this is the central advantage. Stronger oil revenue gives the government more room to operate under its fiscal rule while reducing pressure on public finances. It may also limit upward pressure on the ruble by absorbing part of the foreign currency flow that enters the domestic market through energy exports.
But the scale is still controlled. Reuters reported that the Finance Ministry’s daily purchase volume was lower than some market expectations. After offsetting other transactions, the Central Bank’s net operation is expected to be around 1.18 billion rubles per day. That suggests Moscow is managing the windfall carefully rather than making an aggressive market move.
The wider economic message is clear. The Middle East-driven oil shock is not affecting all economies in the same way. It raises costs for energy importers, but it strengthens the short-term fiscal position of energy exporters.
Russia’s return to FX and gold purchases shows how fast an oil price surge can move from global commodity markets into state budgets, currency policy and reserve strategy.