Russia to Increase Gold and FX Purchases Fivefold to 280 Billion Rubles

Key Facts

1Russia's Finance Ministry will allocate 280 billion rubles for foreign currency and gold purchases between October 7 and November 6.

2The new purchases represent a fivefold increase compared to September's allocation of 56 billion rubles.

3Oil and gas revenues exceeding $59 per barrel are channeled into the National Wealth Fund under Russia's fiscal rule.

Russia's Finance Ministry will allocate 280 billion rubles for the purchase of foreign currency and gold between October 7 and November 6, 2026. InvestingLive reported that the new allocation represents a fivefold increase compared to the 56 billion rubles allocated in September. The surge in buying is driven by Russia's fiscal rule, which channels oil and gas revenues exceeding $59 per barrel into the National Wealth Fund.

The massive scale-up in purchases follows a rally in energy prices, with Brent trading near $100 per barrel due to supply disruptions in the Gulf. These operations, conducted by the Bank of Russia on behalf of the ministry, recycle elevated energy receipts into state reserves. This programmatic buying provides a consistent source of official-sector demand for gold as the country captures surplus revenues generated by the current high-price environment.