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Russian finance ministry halts forex, gold purchases for 2022

Reuters . Moscow
03 Mar 2022 17:06:47 | Update: 03 Mar 2022 17:24:04
Russian finance ministry halts forex, gold purchases for 2022
A picture illustration of US dollar, Swiss Franc, British pound and Euro bank notes, taken in Warsaw January 26, 2011 — Reuters Photo

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.

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