Russian Finance Ministry Halts Forex, Gold Purchases for 2022

By Reuters
Reuters
Reuters
March 3, 2022 Updated: March 3, 2022

MOSCOW—Russia’s finance ministry said on Thursday that it was halting purchases of foreign currency and gold for this year as part of a suspension of parts of its fiscal rule relating to the use of extra oil and gas revenues.

Under a rule adopted in 2017, Russia buys foreign currency when oil prices are high and sells when prices go below $44 per barrel, shielding the rouble from oil price swings.

Reuters