Published by Global Banking & Finance Review®
Posted on March 30, 2026
2 min readLast updated: March 30, 2026
Add as preferred source on GoogleRussia has suspended foreign exchange (FX) transactions under its fiscal (budget) rule until July 1, to recalibrate the baseline oil price used in the rule amid shifting oil revenue dynamics and rising oil prices. The pause aims to bolster fiscal sustainability and reserve fund management.
MOSCOW, March 30 (Reuters) - Russia is suspending foreign exchange transactions conducted under the country's budget rule until July 1, the government and the finance ministry said on Monday, clarifying an earlier comment that they were suspended until the summer.
The move comes partly as result of the rise in oil prices.
"The decision was taken in the light of planned changes to the base oil price parameter, aimed at improving the sustainability of public finances and strengthening the country's financial system," the ministry said in a statement.
In late February, against the backdrop of falling oil and gas revenues, the finance ministry announced a further reduction in the cut‑off price under the budget rule - the threshold above which excess oil revenues are channelled into a reserve fund used to cover budget deficits.
The planned changes, intended to divert more oil revenues into the National Wealth Fund, prompted the ministry to halt foreign exchange operations in March.
However rising oil prices following the outbreak of the Iran war prompted Russia to shelve its plans.
On Friday, Finance Minister Anton Siluanov said that the foreign exchange operations are suspended "until the summer".
When operations resume, the ministry will take into account the volume of foreign exchange transactions suspended since March.
(Reporting by Daria Korsunskaia, Writing by Anna Peverieri and Maxim Rodionov; editing by Alexandra Hudson)
Russia suspended FX transactions to implement planned changes to the oil price parameter, aiming to improve public finances and strengthen the financial system amid rising oil prices.
The suspension of foreign exchange transactions under the budget rule will last until July 1.
Rising oil prices led Russia to reevaluate planned changes to the budget rule and suspend FX operations to divert more oil revenues into the National Wealth Fund.
The National Wealth Fund is Russia's reserve fund, used to cover budget deficits using excess oil revenues collected above a set price threshold.
Russia plans to resume foreign exchange operations after July 1, considering the volume of transactions suspended since March.
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