Russian Forex Intervention refers to the strategic buying or selling of foreign currency by the Central Bank of Russia to manage the ruble's volatility. These actions are typically conducted under the country's fiscal rule, which dictates currency operations based on oil and gas revenue deviations from target levels. The intervention aims to insulate the domestic economy from fluctuations in global energy prices and maintain financial stability. Market participants closely monitor these announcements as they directly impact ruble liquidity and exchange rate trends.
The intervention volume is calculated monthly by the Ministry of Finance based on the difference between actual and projected oil and gas revenues. The Central Bank then executes these trades in the market, typically using the Chinese Yuan as the primary intervention currency.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Aug 5, 2026 | 136.20 | — | — |
| Jul 3, 2026 | 123.20 | — | — |
| Jun 3, 2026 | 208.20 | — | — |
| May 6, 2026 | 110.30 | — | — |
| Feb 4, 2026 | -226.80 | — | — |
| Dec 3, 2025 | -123.40 | — | — |
| Nov 6, 2025 | -2.70 | — | — |
| Oct 3, 2025 | -13.90 | — | — |
| Sep 3, 2025 | -31.50 | — | — |
| Aug 5, 2025 | -6.20 | — | — |
| Jul 3, 2025 | -18.80 | — | — |
| Jun 4, 2025 | 28.30 | — | — |
| May 7, 2025 | 41.60 | — | — |
| Apr 3, 2025 | -35.90 | — | — |
| Mar 5, 2025 | 60.10 | — | — |
| Feb 5, 2025 | 66.50 | — | — |
| Jan 13, 2025 | 70.20 | — | — |
| Dec 4, 2024 | 114.40 | — | — |
| Sep 4, 2024 | 172.90 | — | — |
| Aug 5, 2024 | 24.70 | — | — |
| Jul 3, 2024 | 123.80 | — | — |
| Mar 5, 2024 | 93.70 | — | — |
| Feb 5, 2024 | 73.20 | — | — |
