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      Russia to Allocate 280 Billion Rubles for Gold and Currency Purchases

      Russia's Finance Ministry plans to allocate approximately 280 billion rubles, equivalent to about $3.5 billion, for the purchase of foreign currency and gold from October 7 to November 6, 2026. This figure represents a significant increase, roughly five times the 56 billion rubles allocated in September, which was itself a decrease from 136 billion rubles in August. The purchases are conducted under Russia's fiscal rule, which channels oil and gas revenue exceeding a set price of $59 per barrel into the National Wealth Fund, the country's sovereign reserve.

      The increase in purchases is attributed to rising energy prices, with Brent crude trading around $100 per barrel amid disruptions in Gulf supply. This surge in oil prices has allowed Russia to generate a larger surplus for reserve accumulation. The Bank of Russia will execute these transactions on behalf of the Finance Ministry, although the ministry does not disclose the specific allocation between gold and foreign currency, limiting the ability to gauge the direct impact on the gold market.

      In the second half of 2026, the central bank has been balancing these purchases with daily sales from reserves, which reduced net buying in September to approximately 1.9 billion rubles per day. However, the anticipated net purchases for October are expected to be several times larger. The timing of this buying program is particularly notable as spot gold prices fell more than 6% in September, suggesting that increased official-sector demand could help stabilize the market.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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