Russia Suspends Foreign Currency and Gold Market Operations

The Ministry of Finance of the Russian Federation suspended monthly operations to buy and sell foreign currency and gold on the domestic market starting in March 2026. The ministry scheduled the resumption of these foreign exchange transactions, conducted under the national budget rule, for July 1, 2026.

This suspension follows planned adjustments to the baseline oil price parameter. The government previously considered reducing the cut-off price for oil revenues to increase funding for the National Wealth Fund after revenues fell in February. However, Russia shelved those plans as oil prices rose following the outbreak of the Iran war.

Officials stated the measure aims to improve the resilience of public finances and strengthen the national financial system. Upon resuming operations in July, the ministry will establish specific procedures based on the volume of deferred transactions that accumulated during the suspension period.