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CommoditiesMedium•6 May 2026•

1 min read

Russia Resumes Forex Purchases as Oil Revenues Surge, Focusing on Chinese Yuan

Key Facts

1The Russian Finance Ministry announced it will purchase 110.3 billion roubles ($1.46 billion) worth of foreign currency between May 8 and June 4.

2Purchases will mainly involve Chinese yuan to support the National Wealth Fund and stabilize the federal budget.

The Russian Finance Ministry has announced the resumption of foreign currency purchases for its National Wealth Fund, marking the first such move since the onset of the Ukraine conflict. The ministry plans to acquire 110.3 billion roubles ($1.46 billion) worth of currency between May 8 and June 4. These interventions will primarily focus on the Chinese yuan as Russia continues to shift its reserves away from Western currencies. The decision is driven by a significant windfall in oil and gas revenues, which has allowed the government to reinstate fiscal rule-based market interventions. By resuming these purchases, the Central Bank of Russia aims to stabilize the federal budget and prevent an excessive appreciation of the rouble. This shift signals a return toward fiscal normalization supported by robust energy exports.