Russia sees extra $6.7 billion in September revenue on higher oil prices

Russia’s finance ministry said on Monday it expects an additional 403.4 billion roubles ($6.65 billion) in budget revenue in September thanks to higher oil prices.

It said it did not plan to use extra budget revenue to buy foreign exchange or gold on the market, as such purchases under the budget rule were suspended in early 2022.

Russia is considering buying the currencies of “friendly” countries such as China, India and Turkey to hold in its National Wealth Fund (NWF), having lost the ability to buy dollars or euros under the budget rule due to sanctions.

($1 = 60.7000 roubles)